@Coert K, the answer can be found on https://docs.microsoft.com/en-us/office365/securitycompliance/create-and-manage-inactive-mailboxes:
"A mailbox becomes inactive when a Litigation Hold or an Office 365 retention policy (created in the Office 365 Security & Compliance Center) is applied to the mailbox before the corresponding Office 365 user account is deleted."
It is up to you which one is most suitable for you to use. Even so, if you'll use Organization-Wide Retention policies from Security & Compliance do not exclude the double-check that you have to take, in order to ensure that the MBX in question is under the governance of that policy, and is not excluded from it.
More details about this on https://docs.microsoft.com/en-us/office365/securitycompliance/identify-a-hold-on-an-exchange-online-mailbox:
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Excluded from an organization-wide Office 365 retention policy
-mbxe9b52bf7ab3b46a286308ecb29624696
If a mailbox is excluded from an organization-wide Office 365 retention policy, the GUID for the retention policy the mailbox is excluded from is displayed in the InPlaceHolds property and is identified by the -mbx prefix.
"