Hi, what I am looking to do is simply backup my photos and settings, I know if I use the feature to 'save a copy of all originals at the specified location' feature but I don't think that saves any of the settings I am using in Lightroom? The amount of photos I have is far to much to upload, but I do see how that Adobe Cloud would be an ideal solution in many cases.
Unfortunately, that is cumbersome in Lightroom. You are correct that saving a local copy only saves a copy of the image, not of the settings. The only way to save a copy of the image with the settings is to export as 'original + settings'. That is a manual process however.