Glacier is for when you want to store essentially never-changing backups that you expect to very, very rarely access. You can store a couple GB or petabytes.
Think an archive of family videos and photos spanning 30 years, or all the tax documents for a large enterprise.
A 30GB backup, that's updated nightly, on AWS Glacier will cost somewhere in the neighborhood of $1 a month. A 300GB backup somewhere around $5 on AWS.