I had a similar issue before rebuilding my system (got a new SSD drive . Even though the regular backup seemed to finish, the local one would never run. Now that I have reinstalled everything, it works fine and going into the settings screen doesn't take 10 minutes anymore either.
The local backup takes place AFTER the online backup completes and fills the directory tree with all of the files you selected for backup.
If you are having connection issues (see ConnectionError4 topic), the local backup will probably not even start.