The current Mac doesn't use PST files for offline storage, it has a different strategy. It can import a pst file, but has a Mac Archive File format (.olm).
I expect you could copy them to an online account, providing you had enough storage space (different limits for different types of users.) Archiving is typically done when you run out of online space of course.
Yeah, I'm reviewing alternatives to Mac Outlook (and it won't be Apple's Mail program). Things are kind of mixed, but there appear to be some options.
I speak from experience on the dev side. I worked for MSFT for 17 years, and have been an MVP for 12 since. It's tragic to see people who don't understand the application's origins and philosophy taking over and not respecting work that has been fine-tuned for years because they want to do something new.