Having a downed database server for eg. 24h (while you are out trying to hire people to fix the failing restore for you) will probably mean you lose many of your B2B service users. Your clients might also try out that shiny new SLA you promised them.
Backups also ensure business continuity - which might be more important than past data for some workflows.
Of course, time is a factor here. Even in the best case you can't be back up and running in less than an hour, and most likely the best case is already looking at days to get everything back to where it was.
Regardless, backups are the first priority. Then a tested restore procedure.
Backups also ensure business continuity - which might be more important than past data for some workflows.