Is it accurate to say that relays custody my content / data?

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You custody your private key, everything else is stored in multiple locations (including your own relay, optimally) - so I'm not sure if "custody" is the right word.

We need a new word.

run one and find out 🌍

Only if you don't keep a backup

Do people do that?

Sure, nostr-relay-tray is probably the easiesway. You can also add a relay on start9/umbrel, download jsonl files, etc