Yes that is all that is needed to restore AC. Make it point to understand and test your restoration process. The databases are included in the enc file.
#1 Use Server backup to take a complete image backup of your server nightly
#2 Use AC Backup to backup your Database (.enc) to an external drive
#3 Use a file-based backup to backup your II to an external drive. (SyncToy, Syncback, etc.)
Test your backup on a secondary computer to make sure it actually works.
An important note: Remember that when AC sets up the new cloud backup, you no longer have a local backup of your II. #3 becomes very important. You will need to use a third party tool to accomplish this. Many are unaware their local backup is incomplete now. Cloud is the only place with a full backup