My online backup would count as that second location. I agree with having two backups, not just one.
My computer is a Mac so I keep one drive permanently attached for hourly Time Machine backups. I keep a second in one of those locking pistol cases in the trunk of my car and backup to it every couple of weeks. I like having a drive that’s not in the same location as the computer in case there’s a catastrophe like a fire or burglary.
I recently replaced my external HDD with an SSD and the difference is remarkable.