Replication on 2 nodes, what’s the benefit over backups?

After a few years with Hyper V I’m used to replicating to a second host and it creates a VM that is ready to go.

At home I’m using Proxmox and just added a second node and started replication but reading the docs it only replicates the storage.

So if i understand, if one host fails I would have to add the VM to the second host, remember it config and hope I got it right.

What’s the advantage compared to host a backing up to space on host b and then just recovering from backup where it adds all the network adapters etc?

Am I missing something?