I am asking everyone actually.

 Even though your answer is clear and I get your point, I am certain that newbies who read this response won’t acquire sufficient knowledge on why it’s a bad idea, so it should be better to elaborate!

 Because a very simple argument is that you won’t lose funds on if this key gets compromised and at the same time it’s super difficult to lose this key if you do it this way.

 I always disagree with backing up anything in the cloud since it shows that you have sensitive items and it’s a matter of privacy. It’s also a matter of security even if the key is encrypted, because it’s easy to mess things up. So I would always go against this option of an online backup of a hot wallet, even when used in a multisig setup.

I am asking everyone actually.

 Even though your answer is clear and I get your point, I am certain that newbies who read this response won’t acquire sufficient knowledge on why it’s a bad idea, so it should be better to elaborate!

 Because a very simple argument is that you won’t lose funds on if this key gets compromised and at the same time it’s super difficult to lose this key if you do it this way. I always disagree with backing up anything in the cloud since it shows that you have sensitive items and it’s a matter of privacy. It’s also a matter of security even if the key is encrypted, because it’s easy to mess things up. So I would always go against this option of an online backup of a hot wallet, even when used in a multisig setup.