Maybe, maybe not.

The data for each module is in the 'idata, sdata, etc (where 'i' means individual, 's' means S-Corp).  You can copy those from your hard drive to another location ( like a flash drive) using file explorer.  You can then change *settings* in the program (once you have it re-installed) to point at those files.

Lacerte does have a back up function (Ctrl + B).  Highlight/select all clients, then send the back up to a location of your choice.  I do it to a flash drive; that flash drive lives with me 24/7.  

I also use the TaxHub to back up data, which goes to the hard drive. I will then copy 'those' files to a flash drive (sometimes twice a day during filing season).  This process takes maybe ten minutes max.

And, there's always the automatic backups (I use Carbonite, but you do have to  force it to back up the actual folders...).

If I sound paranoid - well, I am.  I lost data once (decades ago) due to a lightening strike 50' from my office while I had the program open.  And my most recent backup was about 10 days old, as it was summer time rather than filing season.  It was still a nightmare.