I would respectfully disagree with another answer and say that proper partitioning is essential to maintaining Linux servers in so many ways (cannot say much about Windows as that is not my experience).
I do always use separate partition for backups and this has been incredibly helpful not only for planning the space properly, but in recovery process. Let me outline below (forgive bad formatting as I type this from my phone):
Separate partition allows for a capacity isolation where if something eats up all free space on that partition it won’t affect the rest of system. Think about /var/log for example. I’ve seen servers where users unintentionally broke logrotate and logs used up 100% of root (or that could happen with sudden increase in traffic for example).
Separate partition on a separate disk in case of AWS will allow you to mount it to another instance and restore your data there (e.g. for forensic investigation)
(Not only backup related) separate partition will let you to set noexec property when you mount it to minimize possibly intrusion (in fact that should be done for most of partitions on the system except those where your executables located)
Now since you mention that this is AWS system what I would recommend is instead of mounting separate EBS disk on the server is to utilize S3fs extension and mount an S3 bucket as a partition for backups. The benefit of this is great durability of data on s3.
Note 2 points: you MUST always monitor successful backup execution and you MUST periodically test data recoverability (read what happened to Gitlab for example)
Additionally if you decide to go with another EBS disk - avoid using LVM at all cost as 1 - fragmentation of LVM partition across multiple disks easily can cause loss of data (unfortunately LVM is not as good yet as its authors want it to be) and 2 - you can now grow EBS disks on AWS and thus you can add more space without LVM fragmentation.
mkfs.ext4
on it and mount it over loopback. But, in the end, using separate EBS volumes, LVM, partitions, etc (which depending on the situation), is better long term.