Best practices/methods for archiving terminated user OneDrive for Business data?

I understand using Litigation Hold and Retention Policies for archiving and holding terminated employee Exchange Online mailbox data, but is there a similar method for archiving and keeping their OneDrive for Business data in a secure location, on a "non expiring hold" that doesn't take up a full M365 license to hold it in case we have a requirement to bring it back for regulatory compliance purposes?