Another quick workaround until a better solution becomes available, at the cost of some initial storage memory (though still better than what you have right now), would be to create two backups with the same source files/folders.
Configure one to run every hour and keep backups until they’re older than 7 days and the other one to run once a week and keep backups for a year (add backups/tweak durations to fit your needs).
Of course you don’t benefit from deduplication between the backups but in the longterm it probably still needs much less storage space.