Fair. My understanding is:
1) PSN servers generate a unique key based on the drive that the console accepts. The console can not generate this key on it's own by design.
2) Not sure if this is known or documented anywhere publicly anyways yet. I hear people are working on reverse engineering it.
3) It's definitely at least on the console side in some capacity, which is why resets are fine on a PS5 Slim Disc Edition that is factory paired, but it looses this if you wipe the whole OS. PS5 fat Disc Edition must be storing it differently since it can never loose the pairing.
4) Backups never affect pairing under any circumstances nor does it store any pairing.