I don't remember seeing this before in the GUI under the OneDrive settings for a user. I did some further digging and found this article which outlines its use along with a command I was also not familiar with: Revoke-AzureADUserAllRefreshToken.
The option has been in the UI for a while now, but it only revokes the SPO token. We've had access to the corresponding Revoke-SPOUserSession cmdlet for an year now. The Revoke-AzureADUserAllRefreshToken is a new addition and revokes access across all workloads. It went up end of last year.