Its an age old workflow.
Have more than one copy in different locations.
For me its daunting.
I have some projects with 20TB of RAW media (RED mostly).
That stuff will forever reside in two to three different locations.
The supporting files (mograph etc…) the same but size depending maybe a cloud option.
One of my jobs has a massive OneDrive account so it can handle it.
The actual project files can be small at times but I’ve seen Pproj files balloon to some dumb numbers.
Those I def save in a many places.
Again, its up to you on what works.
If I was on my own I would def use both local and cloud options.
Back in the day I use to zip a project and email it to myself just in case.
But I work with all NLEs so you cant really do that with Avid.
FCPX I tend to create an XML for safety.
Premiere and Resolve needs more care to handle.