Is that the SSD soldered directly to the board? If so, that's a big disappointment considering the amount of free space in there.
So yes, make sure your backup procedure is good.
My 2014 MBP died a few years back of power regulator cause, but I was able to pull the SSD and image it in the case that they were unable to repair the device.
I lost three Macbooks in two years from USB controller blow outs, which is a known issue because the part they used is lousy, and it took out the entire storage with it. I had some backups thankfully, but I know people who have lost everything.