Will deleting backups remove everything on my phone?

My last backup was 2022 and I can't backup again due to the large MB I have from the last backup. The backup is taking up 3MB of my storage so to backup again, my only option would be to delete my old backups. That being said, if I do this, will it erase everything on my phone plus the old backups or will it ONLY delete the old backup and let me create a new backup with what is on my phone now?