Note that while you can have a photstream, it can't hold all your photos. Also clearly states it's not a backup solution.
And iTunes Match is for Music and again Apple clearly states it is not a backup solution.
Even if you use a cloud service to hold your pictures and music, you still want a local copy and a local backup if you care at all about your pictures and music.
Like Bear said, that's the only way. I use iTunes Match, but it's not a back up. I use Crashplan for my back ups. It has unlimited back up, not badly priced I think. I have a main computer that has all my music, photos, and movies and that gets back up. If you pay for 4 years it comes out to $3.96 a month (they have 1-4 year packages), or you can pay month to month for $5.99 a month.
I use Crashplan too. But for many people I recommend Backblaze. because (1) it is esker to set upend (2) it is MUCH faster.
Crshplan claims they don't throttle uploads but they do. It could take weeks to upload your data the first time. Run them both at the same some for a month. Both offer a free trial period so do both