Ah, ok. That's basically what I'm doing, except I'm using restic instead of rclone.
I've done borg for local backups for a while and figured I could just replace it with restic, then I discovered that restic doesn't do compression so I just pointed that at the borg repositories.
I'll probably use restic directly for things that don't benefit from compression and continue to use borg for things that do.
I'm open to better options though, layering two tools that basically do the same thing seems like a bit of a hack job.