[Snapshot Pro] Backups fail with "Error 429 Too Many Requests"

When creating a backup with Snapshot Pro, I’m getting an error – “Error 429 Too Many Requests”.

We have tried enabling debug logging along with Snapshot backtrace but a debug.log file didn’t generate, Snapshot log file didn’t show anything relevant to the error (attached in ticket notes).

All other plugins were disabled, the default theme was activated but the backup still didn’t work.