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Backing up your site to your local PC would be fine, but may not be reliabe. Your probably better off making automatic backups every night and automaticly FTP'ing them to another server somewhere. There are hosts out there that give you space specificly for backups, all you get is disk space an nothing more.
Restoring a cPanel backup is extremely easy, upload your file and tell cPanel where it is. It will restore everything, email, mySql, files... everything.
But, your stuck with cPanel. Only cPanel can restore a cPanel backup file. Although you could manually restore it if you really had to.
Another option is to setup a 'development' site. Get a seconed hosting account and duplicate your site on it. You can then use this site for all your development and testing, and copy the files over to your 'real' site when done. This way, you'd always have two copies of your site available at all times, plus any backups between the two of them. That way, if anything happens to either of the sites, you'd have quite a few options as to how to handle things.
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