Correct. Personal archival is protected under fair use. [1]
1. https://www.federalregister.gov/documents/2021/10/28/2021-23...
1. https://www.federalregister.gov/documents/2021/10/28/2021-23...
I'm also reasonably sure that "3. Proposed Class 6: Audiovisual Works—Space-Shifting" in the above link would cover personal archival and that was explicitly rejected.
Don't get me wrong, I'm still all for it, but it's not permitted anymore like it used to be.