Frankly, I've never "restored" my phone from a backup-- but I'm counting on it working! Of course, it always has worked when I've bought a new iPhone, so I have a lot of confidence. TheLittles gave you some great hints on dealign with storage.
iCloud Backup doesn't save everything-- for instance, if you use iCloud Photos, then your pictures will be there and not in the Backup. You should go to iCloud.com and make sure you see everything that you think you should.
Do you use "Optimize Storage?" If not, that can save lots of space on the phone. That's really the best space saving service if you have lots of pictures.
I would want to have more backup than iCloud. As TheLittles said, the best deal is to save stuff to a computer and an external hard drive. As for pictures, you can select them and use Share>Save to Files to save them to an external hard drive that's plugged in to the iPad's port.
This pushes iCloud, a lot,
Back up iPhone - Apple Support
but it also tells how to back up the iPad (it says iPhone, but it's the same) to a computer.