Hello Kousik,
No, it's not possible to take a backup of the Data location, Still you can have a backup of the Model export in XML and create a backup of the DB Schema related to the Data location, so that when you have to restore it, first restore the schema in the DB then import and deploy the model into the related Data location.
Thank you.
Kousik Das
Is it possible to take backup of entire datalocation as XML file or any other format?
If yes, please suggest the approach.