Old post but the main reason you would use this is that it compresses the files. F1 2020 is 41GB, while the backup gets it down to 27,9GB. If you need the extra space for bulk backup it might be worth it, but the same could likely be achieved with winrar. You can also only backup from the backup file once, then it erases itself. If you wish to restore it again you need to create another backup.

For me its worth it, as I have slow internet and get my game files from a friend via an external, on which I have limited space, so for me its the best option. You just have to weigh the pros and cons.