You can take a full backup with the Kobo Magic Memory Upgrade mod (external alternative)
Restoring it is quite a different pickle, though. Overwriting the internal bootloader,kernel is never entirely without risk. And usually when you need to do this the internal firmware is already shot and no longer able to perform such tasks.
For firmware upgrade backup purposes, unless you have installed a ton of mods(?), it should be sufficient to just save the files themselves over USB connection. That way you can factory reset, upgrade to desired firmware version, restore your files and database and done.
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