No. OneDrive is designed to do only one thing and that's to keep everything in your OneDrive folder in total sync.
That's why it's also vitally important that you also have a backup strategy. I make daily Macrium Reflect X complete drive images at the end of every day and keep the last 30 days of daily images.
Although this is true, if you know (or take the time to learn) how OneDrive and Windows works, you can unleash functionality that suits your use case.
For example, I have two identical Surface Laptop Studios and, as I want,
neither has any of my OneDrive files physically stored on their local disk. With the exception of OneNote, there is absolutely no regular OneDrive syncing with my primary Surface.
I use my second Surface for backups processing: After taking its backup, it copies of all the other backups (for my primary Surface and iPhone) to my NAS, and then syncs (uploads) them to OneDrive (i.e., the backup files are copied to the local OneDrive folder on the secondary Surface and sync happens in background).
But remember, my preference is for my OneDrive files to
not take up any physical space on my PCs, so what do I do? After the backup files have been copied to the local disk of the secondary Surface, I set the attributes to be "Available when online." That's it, that's all! Wonderful!
The backups processing is obviously routinely performed, but for my other files, I use the OneDrive app to manually upload, and files that I manually upload through the app are automatically set as to "Available when online." Again, wonderful!
Yes, when I want to view-only a OneDrive file on my PC, I use the app to download it, do what I want to do, then delete it. On the other hand, if I wish to make an update to a OneDrive file on my PC, then I will directly open and edit it from whatever app, which causes Windows to download the file to the local OneDrive folder and tag it as "Available on this device." When I am done with my edits and save my file, it is synced to OneDrive, and then I manually change the attributes of the local copy back to "Available when online" so that it is not occupying any physical space on my PC. Again, wonderful!
When I go to my phone or either Surface device, I see and have access to all the same OneDrive files and that is great!
OneDrive works and it works great, but if you don't know it and/or how Windows works with it, then you can be tripped up, leading you to falsely blame OneDrive.