OneDrive for Business
Per-user cloud file storage in Microsoft 365, synced to devices and backed by SharePoint.
It is where individual work files live, and redirecting Desktop and Documents into it means a lost laptop is an inconvenience rather than a data loss event.
Its versioning and recycle bin help with accidental deletion, but neither is a backup. Ransomware that encrypts synced files propagates the encryption to the cloud copy.
Where this comes up
OneDrive for Business sits inside our microsoft 365 and cloud work. If you are trying to work out what this means for your own environment rather than in the abstract, that is the page worth reading next, and a short call will get you a straight answer faster than either.