Hi,
It would be helpful to give more details about your backup plan. But here are some points to keep on mind:
Every Velero backup includes resource metadata as a tar.gz file. This is the archive of all the selected resource specs. Its size should not be a concern. In addition, if you are going to take snapshots of EBS volumes, Velero will issue EBS snapshot requests with each backup. I believe EBS snapshots are already incremental. Finally, are you planning to use restic backups? In that case, restic does backup only changed data.
But as I said, more details about your backup requirements would help in better answering the question.
Thanks,