Assuming your primary goal is to achieve exactly what you've stated:
I would like to backup everything so that if I move to a new Mac or if
I have to restore after a system failure I will not lose anything of
the work I've done (selected clips, project names, etc).
My strong recommendation is to purchase a new external hard drive and use Time Machine. After all, the idea of a fully working and current backup is to ensure you have a way to restore your data in the event of data loss, and the best way to do this is to have a full backup on a totally separate physical drive.
So, I would purchase an external hard drive that is at least 3x the size of your internal drive and set this up as your Time Machine drive. Preferably you'd purchase one that is more than 3x the size so that you can also back up whatever you need to from your other external hard drive.
I know this is not what you're actually asking for in terms of how you achieve you ultimate goal, but it really is the best option. External drives are not expensive and the peace of mind it'll provide is well worth the effort. And, after the initial backup (which may take some hours to do), each subsequent backup won't take too long and you won't have to manually do it (meaning you don't risk forgetting to do it).
Plus, it's very simple to use your Time Machine backup in the event of having to restore your data after a system failure or when migrating to a new Mac.