Yes, or even better is to create a bootable clone that updates daily using SuperDuper!. With SuperDuper! it will back up to an external HD at a time that you designate daily and only backup the changed files, then you can use the external HD as a boot drive if the internal drive fails.
Or if you want you can install Mac OS on a External Hard Disk and boot from it if your internal has already failed.
DO NOT buy a cheap External Hard Disk such as a WD or Seagate, what experienced users on these forums like to use are the OWC Mercury Elite Pros due to their high quality, reasonable cost, excellent service from OWC and when the HD fails (they all do) it's simple to install a new External Hard Disk in it which you cannot do on the garbage WDs or Seagates.
You can find these at: https://eshop.macsales.com/shop/owc-mercury-elite-pro/usb-3.1