You can enable backup for Project Online sites from the Office 365 plan page.
Note
As of October 15, 2024 Microsoft made changes to MFA affecting Project Online backups. Please refer to https://kb.commvault.com/article/84686
Procedure
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From the navigation pane, go to Manage > Plans.
The Plans page appears.
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On the Office 365 tab, in the Plan name column, click a plan for which you want to enable backup for Project Online sites.
The Office 365 plan page appears.
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In the SharePoint pane, move the Backup Project Online toggle key to the right.