Best practice for S3 backups' frequency and retention
S3 backups are meant for low-frequency (weekly, monthly, yearly), long-term (over 3 months) retention backups.
You can see our recommendation for S3 backup here: https://n2ws.com/wp-content/uploads/2019/02/N2WS-quick-guide-optimize-backups-S3.pdf
Not following these recommendation will actually cost you money, instead of saving.
Also, running S3 backup daily may cause failures, as S3 backup/cleanup is a time consuming process, which may take over 24 hours.