In the Authenticator app you can hit transfer accounts -> Export Accounts. It will present with you a QR Code.
What exactly is this QR Code? Can it be used to backup Google Authenticator?
I am looking to hard reset my phone and I am looking for a way to backup and restore Authenticator.
The QR code contains all your private keys for generating the 2fa login code for each of the accounts you chose to export, so yes you can use it to backup and transfer to a new device. I would test that the screen shot works properly, and be very careful with the screen shot backup.
You can even extract the actual private keys from the QR code, i.e. with this script, https://scito.ch/content/extract-secret-keys-google-authenticator-qr-export
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