Always make backups. The little bit of time it takes will be a life saver if anything transpires unexpected. Oh and don't deploy on Fridays.
I taught my students "You don't need a backup system. You need a _restore_ system." It changes the mindset from "Yes, we make backups every night" to "Yes, we can restore the database in x hours".
I've seen way too many companies take the "we're good; we make backups" only to fail when trying to restore.
Untested backups are worse than no backups.
Edit: refined.