However, if you have important photos and videos from a long time ago that you view often and hence wish to keep on device, then it might not work for you.
IMO, the more important the files are, the more I won't keep it in just a single device. This is a recipe of failure. I will store it in multiple places for replications, e.g., multiple cloud storage, NAS, PC, laptop, etc, I will replicate it as many times as possible.
In addition, nowadays, having multiple devices and the need to access the same files from various devices/places/times, it's best to not store in just one device.
Personally, I don't do time-based backup. I backup immediately/as soon as possible I have the chance to, hence anything happen to my device/phone, I can just reset/wipe/etc without worry.