Yes, flexibility of body and physical perfection for Yogasana is important. However more important is the state of your mind, Meditative mind. Your flexibility might be excellent but if your mind is not attentive, you are merely doing some physical exercise, not Yoga.
B.K.S. IyengarI also say with backbends, you have to be cautiously bold. Not carelessly bold. You have to descend to the dictation of the spine. You cannot command from the brain to do the poses. As you play with a child, guarding the child from injuries, similarly you have to play in backbends, guarding your spine.
B.K.S. Iyengar