Thanks. Looking at that thread and the mention of True Image made me remember that I have Geniesoft's superb Timeline running. I checked on that and there are over 300 versions of the savegame folder backed up!You can have automatic backups of every autosave by using this:
www.andyhcoates.com/Blog/post/SaveGameCopy.aspx
Read the thread here: http://community.codemasters.com/forum/f1-2010-game-1316/436869-automatic-save-backups.html
I manually did a backup after every session - just make sure you exit the program properly by returning to the Paddock and then go through my F1. Now I use Andy's little utility.
The answer to your original question is "yes"