Thanks Limnos for all of the information. It seems that I was trying to use iCloud drive for something for which it was not intended.
However, I did find the following information on an Apple support page. I suppose that what Apple considers 'recent files vs older files' will determine whether I can use iCloud Drive as a backup hard drive.
Store your files in iCloud and save space on your device
The files that you keep in iCloud Drive use your iCloud storage. And as long as you have enough space in iCloud and on your device, you can store as many files as you like.
If you need more space on your device, iCloud Drive can help. On your Mac, go to Apple menu
> System Preferences > iCloud. Next to iCloud Drive, click Options and turn on Optimize Mac Storage. Then your Mac keeps all of your recent files on your computer, but keeps your older ones only in iCloud, ready for you to download when you need them again. If you want to free up more space on your Mac, follow these steps. On your iPhone, iPad, or iPod touch, you can search and browse files from all of your devices and download them only as you need them.