I noticed that weekly is the default.
I'm wondering what's ideal?
Is there a max number of cloud backups?
I can see a scenario where a daily backup, and a max number of cloud backups, could leave only "bad" database backups, if a problem wasn't caught in time.
The local option's default is daily, I believe, but I think there's a limit to them as well.
Hub Protect should keep the 5 most recent cloud backups. So, given the concerns you noted above, what's "ideal" for one person may not be for another and depends on what you want the most -- and how often you do things like add/remove devices.
Keep in mind that if you are just editing an app (e.g., rule) and are concerned about changes you make there, a local backup or even just an export (of that particular app) can address that particular concern -- you really only need the cloud for radio migrations. Local backups normally go back at least 5 days, though I believe that's also number-based and that's what you'd get if it's daily. Of course, with local backups, you have the option of downloading and storing them anywhere for as long as you want.
For cloud backups, I think I'd personally prefer more frequent, especially if you have Zigbee devices and are concerned about them; I've always wondered how Zigbee's frame counter will work with old backups. (This is why it's recommended to shut down the hub or disable the radio as soon as possible after migration.) I'd assume that the longer you wait, the more likely it is that you'd need to re-pair something. Luckily, for Zigbee, that's fairly easy. (And luckily for Z-Wave, I don't believe this timing is important.)
So ... I guess it all goes back to what you want the most.