Not to be relied on by itself, but it absolutely qualifies as a backup.
A real backup solution ought to cover the case where you deleted the wrong file, and you find out the next day. Or it got corrupted somehow (PCs and disks can explode slowly) and you find out the next time you open it, a week later. If the cloud service happily replicated that change, it can't be used to restore anything.
a) my cloud storage has file versioning b) as I mentioned, I have a ~24hr old snapshot as well as a ~30d old snapshot
The worst practical case is that I lose a month's data, and I'm fine with that.
You definitely can make a good backup solution that includes cloud storage, I didn't mean to imply otherwise.