I am wondering what exactly the activation of TimeMachine Backup in Hive does?

I have already a TimeMachine Backup in place that of course includes my users Library Folder (which seems to contain all the important Hive data - is that right???).

What more should be happening by pressing the TimeMachine button in Hive?

Thanks for clarification. I would really like to be sure about all this backup things before storing bigger amounts of BTC in that wallet. Hope, you understand