I just posted this to another thread and look forward to your input, especially about tape and cloud storage since I don't have any experience with those. Confirm, refute, add, flame as you will!

What you save to is less important that having multiple backups. Save everything. Your original captures, work in progress with assets, final results on DVDs, Blu-Rays, hard drives, cloud storage.

General backup rules:

Don't wait until you're project is done to begin doing your backups. Ideally you should be backing up as you go. After you've done your capturing. Again after you've done your editing. And again when you've completed your project. You never know when your hard drive(s) may fail.

1-2-3 / 3-2-1. One original, two backups on different, one in a different location in case something happens at the location of the first two.

If they're videos you're planning to share, e.g.family videos, don't be the sole holder of the backups. Spread out the backups to at least one other family member, so if
something unexpectedly happens to you, they'll be able to access your work.

Verify that your copied files are identical to the source. If you're on a PC, I highly recommend Teracopy with verify while copying or ViceVersa to files that have already been copied.

Don't toss your tapes. They may last longer than any other backup media.

Check and copy your backups every few years and copy to new media, either the same or different.

If you're using hard drives, don't backup to a brand new drive. Use it for a few weeks/months to ensure it's not DOA.

Storage media notes:

If you're using optical media, use only Verbatim AZO or Taiyo Yuden DVDs. Both are difficult to find and beware of non-AZO Verbatims. Read this thread how to identify the real Verbatim AZO packaging https://forum.videohelp.com/threads/391272-Beware-of-new-Verbatim-non-AZO-packaging. If you're in the U.S., Amazon is the best place to buy Verbatim AZO and Supermediastore is highly recommended for Taiyo Yuden. For Blu-Ray discs, only Verbatim is recommended.

Don't buy into the M-Disc promises of guaranteed DVD longevity or any other claims that other manufacturer's discs are reliable as Verbatim and Taiyo Yuden. They're not.

Don't use SSDs, flash drives or SD cards for backups. They're not meant for long term storage and they fail, the date is near impossible to fully recover.

Read this thread https://forum.videohelp.com/threads/390282-DVD-lasts-longer-than-portable-hard-drives-or-not for my thoughts about external hard drives and what others have to say about backup methods, media.