Or go to your Administrator Tools->Backup
Or right-click on a HD (in My Computers) and select Properties->Tools->Backup
Then you can SCHEDULE, run as..., etc. and point it to wherever you want.
So: YES, it does this and a tiny bit more (not much, though).
Of course, if you were really NERDY, you'd have a simple CMD-script (almost said DOS batch) doing an "XCOPY /Y folder\. destination\" sort of thing, and put that in your STARTUP folder -OR- create a SCHEDULED TASK to run it whenever you wanted to backup, that way, you have a MIRROR (i.e. you can get at/use the backup data w/o any "recovery" stuff).