I am sorry to say that I must concur with you about the failure of online backup with iPhoto.
I would also like to include that in my testing of online backups, it also proved true that they are incapable of restoring your library if it is created with Aperture.
I can't say this for a fact but I suspect that the same is true if your library has been created using Photos.
While your solution to backing up the photos without adjustments, EXIF data and organization may be possible, it is certainly not something I would want to even consider as my backup solution for my photos.