A far more common setup is regular full backups, often daily though sometimes more/less frequent, with much smaller transaction log backups at high frequency, perhaps every 15 minutes, between. That way you lose at most what has happened since the last log backup, and you can restore to any point in time between the full backup and the last log backup. It takes more effort to restore as you need to first restore the full then restore (replay) the log backups in sequence until the point you care about.
Sometimes there is a third layer between: differential backups. These are usually much smaller than a full backup, while also smaller (and less faf/time to restore) than the log backups for the period they cover, but don't offer point-in-time recovery.