I use Google Drive for backing up some of my stuff, and it works well enough. I've never had to pull anything back out, but I'm sure it will work fine.
As far as a USB drive "not be as fast as cloud storage," I'd have to say IME they are much faster than Google drive. It takes about 3 minutes to upload a 7 meg folder with several other sub-folder in it. A USB drive is going to do that in seconds. Of course if you have a very fast upload speed it may work better.
I use the "cloud" for redundant storage. I'd never use it as my sole backup.