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

[OneTechBeyond]

I understand using Litigation Hold and Retention Policy for archiving and holding terminated employee Exchange Online mailbox data, but is there a similar method for archiving and keeping their OneDrive data in a secure location 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?

[#2]

Perhaps preservation holds? https://docs.microsoft.com/en-us/microsoft-365/compliance/retention-policies-sharepoint?view=o365-wo...