no, the updates touch files all over the place in that cfusion (or instancename) folder...btw, not only in the cfusion folder but also the sibling bundles folder.
I'll say again I've never done the copy you refer to, nor heard of it being done...and I've helped folks do several hundred CF updates. Again, I'm not saying it's wrong. IT just seems a bit overkill.
But sure, if one wants to be "super careful" (and has the space and time), I'd not fault them doing it.
As for the size, one of the biggest contributors (when it's huge) is almost certainly the wwwroot/WEB-INF/cfclasses folder within the instance. Now, it's not NECESSARY to revert that. In fact, in some updates there's an argument for wiping that out (the last one was the updates in Oct 2022, where a lot of people even today trip over errors referring to xmlsearch compilation failures, even just in loading the CF Admin. More on that was discussed back then.)
I'm just saying that if one confirmed that folder was indeed the largest cause of size in the "cfusion backup" they are making, avoiding bringing that could help reduce the size...but depending on how you "make the cfusion backup", that may not be easy.
All this contributes to why I'd not think it a "best practice", but I'm not arguing with those whose experience leads them to feel otherwise. And sure, if you find where it's discussed elsewhere, perhaps all such things (and more are hashed out).
You asked, there are my initial thoughts. 🙂