For D365 Finance and operation - Automatic backup of last 28 days is available for PRODUCTION environment.

There should be a provision to on-demand backup from PROD using Power Platform Admin Center.

Below are the real business use cases.

1. Customer around the world are looking for automatic way of doing these backups and storing at Azure storage/Azure files.
2. Data Protection last for some countries makes it mandatory to keep the backup of data in the same country. When you have single environment to store multiple legal entity data you can only host your production env in single data center. In try order to be compliant with govt rules, customer uses LCS takes manual backup from production every month, download the bacpac from asset library and store it at a on-premises/cloud location in the country they need. There is no such option to directly export the DB to specific Azure storage.
3. With LCS going away in few months there is no feature in Power Platform Admin Center to take the backup of environment.