Hello Coach Emeritus!
You may not be aware, but that is exactly what K16 Solutions offers. We are a close partner with Instructure and are powering their current Canvas Archiving solution (link below). Institutions can back up, access, and retrieve Canvas course content and data at any time.
Separately, we also offer institutions the ability to archive their legacy LMS data on our platform, which is integrated with Canvas so institutions can access their archived legacy LMS data as needed. The data does not sit in cold storage and is accessible with a click of a button.
For the latter, we typically archive legacy LMS data for institutions as we're helping them migrate to Canvas from another LMS.
I hope that helps.
https://www.instructure.com/services/canvas-archiving
https://www.k16solutions.com/product/scaffold-archiving/
Best,
Jason