No. Jira Cloud backups are of the entire instance (all the projects).
However, please note that when you go through the Restore process, it will allow you to restore only a single project. You can experiment with this in your Jira Sandbox to see how it works.
Tip: I highly recommend that every admin try a Sandbox restore periodically (e.g. quarterly) to ensure that your backups have integrity. Why? At one point we had an oddity in our instance (a group name had a trailing space character). This caused a fatal error during restore. Fortunately we discovered this before we had a need to do a real restore, and worked with Atlassian Support to fix our instance and restore our backups to be functional again.
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