QB Issue Resolution:

QBO does not have a back up at all from the user perspective.

Intuit backs the servers up, but can not restore your file from that back up

the make local copy provides you with a copy that does not contain all financial information, and can not be used locally, nor can it be used to upload to the old or a new QBO file
https://qboe.custhelp.com/app/answers/detail/a_id/1774/related/1

the export to desktop provides you with a file that must be opened in desktop within 10 days, and the file has known problems, some things do not export, inventory exports as service items with no history, these known problems have existed for over 5 years
https://qboe.custhelp.com/app/answers/detail/a_id/1447

Resolution for Issue 'How to backup all data in quickbooks online?' available: Yes (Solved).
Source: Intuit Community forum.

How to backup all data in quickbooks online?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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