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That absolutely works, but when I built my offsite backup to hetzner I also thought about setting up own hardware and came to conclusion that for myself it doesn't really make a ton of sense. New RPi + 4TB ssd/m.2 drive with accessories adds up to something around 400€ (if that's even enough today), or few years worth of cloud backups. With own hardware there's always need to maintain it and hardware failures are always an option, so for me it makes more sense to just rely on big players with offsite backups. Your case might be different for various reasons, but sometimes renting capacity just makes more sense in the big picture.
Why would you use SSDs for backup? I think a HDD should be fine for that.
Especially because SSDs start losing data is they're powered off for some time.
Sound and power consumption. At least in my case those are important if I was going to store data at my mothers house. Power consumption might not matter that much, but HDD sound definetly does. And even with spinning rust hardware cost would be somewhere around 250€ compared to ~20€/month of cloud storage.
YMMV, in my scenario it's just easier to use a cloud provider.