It absolutely does affect backups. If you stand to gain $5M from an attack you can also target the backup systems and still easily end up profitable. Only if you stand to gain less than $100k does the budget actually start to get tight.
As for how you attack the backup system it depends. If it push based you send your payload during the push. If it is pull based you craft your payload in the data that will be backed up. If it is not append-only you can easily nuke the entire available history. If it is append-only, but that is only done in software you just need to take over the software. If it is in hardware you just infiltrate then silently encrypt any new data until it would be painful to revert that far back in time. Given that the mean-time to discovery is on the order of months that is quite painful. If they regularly test their backups you just silently decrypt the data on restore until it is time to strike. There are plenty of ways to beat vulnerable backup systems in that sort of budget.
Like, seriously, with a $5M budget you can literally purchase and burn multiple zero days for every system in the chain and still come out ahead. You can hire 10-50 full time software engineers for a year per attack. Most systems have serious vulnerabilities discovered by lone individuals working for a few months in their free time let alone a team of 50 people. The current backup systems survive because most of these attacks are being done with budgets closer to $10k-$100k to maximize profit and growth rate and that is not really enough money to pay for the second arm of the attack. But with a $5M return they could easily allocate a few million to capitalize on the opportunity if that is what is needed once all the juicier targets have been eaten.