If you use a custom domain, then this checkbox will be enough.
You used the “purchase” event name in the GA4 tag and “purchase_backup” in the Data tag. In both events, send transaction_id (the id of your purchase or order). Then you can deduplicate events in BigQuery or use purchase_backup in reports of DataStudio.
You can use a similar approach for other events. But we usually use this only for purchase and lead events (from submits).