Perforce and Unreal (localhost)

I set up Helix Server and P4V so that I could make source code and asset reversions if I broke something, but I was under the impression that even a locally-hosted server would securely store the project folder somewhere else in case I had to resync the entire project; however, the streamsDepot and workspace both point to the project folder, and I’m finding that I have to manually back up the project to a secondary drive anyway.

Am I missing something in the setup? or do I need to set up a physical server on the LAN to get backup functionality?