So here my suggestion for a better backup scheme. Do something like keeping:
= 1 - 3 monthly backups
+ 3 weekly backups
+ 4 - 6 daily backups
This way a longer period is covered without increasing the space required for backups. You can try keeping it at 8, although 12 would be ideal as it will cover last 3 mo, last 3 wk, and last 6 days.

Other suggestions:
- Allow to choose the time of day to do backup so it won't slow down the server during busy hours.
- Allow to choose external backup destination like S3, Dropbox ... so you don't have to worry about space. Of course you need to create a way for us to be able to recover a full server from a backup too.

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Current backup as it says on https://support.cloudways.com/how-to-backup-my-server/

"Note about backup retention:
We keep eight days worth of backups (this is a fixed setting that you can’t change)...
How many backups this includes, depends on the backup frequency that you have set:
- If you have set frequency to daily (default), we will keep eight backups (one per day for the last eight days).
- If you have set frequency to seven days (weekly), we will keep just one backup."

I was considering setting it to every 2 days thinking that I'd have 16 days more or less covered. Or weekly to have 8 weeks worth of backups. But according to your article I would only end up with 1 weekly backup. So why not retain 8 backups no matter what the interval was set as?
I also don't see the value of hourly backups if only 8 are kept.

However, in the end, none of these make a good backup scheme.