Version 12.0.16 seems to have made things worse in terms of backups. Before, we had issues where backup timing was inconsistent, and some websites resulted in multiple backups in a single day over random timings. After the last update, no backups were created according to the schedule at all.. for all websites.
I have reported this in the ticket and am waiting for updates. However, this is a major issue since backups are one of the most important aspects.