>Isn't RAID parity slightly more space efficient than versioned backups?
It depends on your storage array. The more drives, the more space efficient RAID becomes, but RAID is still only a single copy of your data.
>Or is there a better way to do redundancy that doesn't involve just replicating entire files to multiple disks
Most of the industry is using erasure coding these days (https://blog.min.io/erasure-coding/) which allows for spreading your parity and data across multiple sites. Erasure coding usually runs a layer above the filesystem, as opposed to RAID which typically runs below the filesystem (Snapraid, Mergerfs and others excluded).
My personal "backup vault" is a Raspberry Pi 4 with a single 4TB external drive attached. The RPi runs Minio, and all backups are done through the S3 interface or SFTP/SMB. It is not the fastest box in the world, but it backs up (incremental) ~2TB in 30 minutes, which is "fast enough".
It consumes on average 4W, which means even with worst case electricity prices of €1/kWh (which we saw last winter), it costs less than €3/month.
For comparison, my NAS consumed around 50W, and at €1/kWh, that would cost €37/month in electricity alone, and then you need to add the cost of the actual hardware itself.
I switched off the NAS, and purchased ~10TB of cloud storage (main storage and backup storage at two different locations) for €20/month, and keep sensitive stuff encrypted with Cryptomator.