It is important to backup your website daily + before major updates. This gives you the option to restore your website from a previous backup if a change or edit causes harm to your website.
It is also a good idea to keep an archive of your website externally (a third-party service, on a computer, disk or usb). This can be done based on the frequency that you update or publish content online. This is not a website restore point but rather an extra layer of protection.
If your site is hosted on WP Engine, they will keep an archive of daily backups (1 for the last 30 days). You can also create a Restore Point before major updates.