The answer is technically no.
This is not a SQL database backup. It is not the same as the database backup, either manual or scheduled, via the GUI.
In this sub-directory you will find various core component files stored / tucked away and this would be considered truly 'disaster recovery'. Those files would only be used to get certain target files if necessary to attempt to recover.
While there is a copy of the mysql/data sub-directory - size permitting - it is not something you could use to 'restore' a backup. You can manually import this data to a running database or slipstream the files in, sure ...
... but this should never replace the best practice of making a true backup of the database normally and/or a snapshot of the VM prior to upgrading.
