You could consider using IP SLA. Another thing is you could peer with the ISP using loopback interfaces on both sides and then configure static routes via the two links. Set the admin distance on the primary lower than that on the backup interface. That should work perfectly for failover.
When weight is applied, it affects the router as a whole, not just a link. In this scenario, where you have one router with 2 links connected to the same router of the ISP, then your best choice of design is peering with the loopback on the two routers. Then configure two static routes on each link, setting the AD of the primary lower than the backup. It's tested, proven and Cisco recommended.
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