Thanks for the reminder--I've done it several times in the past, but it wasn't a scheduled thing at all.
There's a new checkbox in takeout that lets you schedule a backup every 2 months (and then presumably you'll get an email when you need to download it).
Does anyone else have issues with takeout failing with "unknown error occurred" if you use the default of selecting all products? I have to manually create multiple takeout archives (one for gmail, one for photos, one for location history...)