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Microsoft Information Governance and Records Management AMA
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Hi Dan, there are two places we recommend using Exchange MRM policies:
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An archive policy for archive mailboxes to automatically move emails from a user's primary mailbox to their archive mailbox after a specified period of time. An archive policy (with any settings) can be used in conjunction with a Microsoft 365 retention policy that applies to a user's primary and archive mailbox.
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Retention policies applied by an admin to specific folders within a mailbox. A Microsoft 365 retention policy applies to all folders in the mailbox. However, an admin can configure different retention settings by using retention labels that a user can apply to folders in Outlook as a default retention label.
Currently, we don't have plans to replace this functionality in the compliance center.
- EricaToelleMar 29, 2022
Microsoft
Also, to be more specific, these same features might move to the compliance center UI in the future (rather than the Exchange admin center), but it would be the same functionality.