@zuphzuph Why back up a whole system image? Back up data, configs and (maybe) installers. 2FA is the sort of thing every public cloud account that handles sensitive data should have, however, that doesn't remove the need to encrypt the local/NAS copy.
It's also good practice to encrypt what you're putting into cloud storage (be that OneDrive or any backup solution, such as Backblaze, Glacier, etc). Your level of trust/care about being party to Yahoo-style mass surveillance will determine whether or not you want to take the minimal effort required to defend against that threat. (I take offence to rational concerns backed up by evidence called conspiracy theories, BTW. There are enough of those out there without vilifying legitimate threats.)
I should also point out that your ability to solve your own personal storage needs by basically saying "meh, **** it, I'll take the risk" re: backups is pretty rare. I personally have at least three non-phone devices, certainly wouldn't relish rebuilding them!
"Personal use" can also include spouse, children, etc. It doesn't take much for running a household's IT to become as complicated as running that of a small business. More pressing, perhaps, as the angry users know where you sleep.
Also..."just keep what you need in the cloud account" isn't enough for some things. That's okay for my music collection, but I'm going to want better redundancy that that for my home pictures and my tax returns.
3-2-1: Your data should be on three devices, on two different types of media with one of those copies being offsite.
If your data doesn't exist in at least two places, then it simply doesn't exist. Being in OneDrive/Dropbox/etc isn't good enough. Public cloud services have had failures and they have lost data. So if you want to use cloud as your primary storage location, make sure you back that cloud up to another, separate cloud.
Alternately, keep a local copy that is really, really unlikely to go pfffft at the same time the cloud copy has an oopsie. Given how awesome cheap NASes are at this stuff today, proper layered backups should be achievable for cheap, even for the home user.