One of the most missed features of the old OneDrive was file on demand, where a stub of a file in the cloud was present in your folder view, but didn't take up the space of the original. When you opened it, it downloaded on demand. Microsoft removed this feature some time ago for unknown reasons to many user complaints and frustration.
I am happy to say it has made a return! Now we can see our whole OneDrive contents without having the entire library on disk.