This is not really about using Azure to store any data but about client_id setup for OneDrive storage. New here is that now MS requires Azure account to configure it.
Things changed with OneDrive client_id creation and I am not sure anybody here is 100% how new arrangements will work. So any feedback is welcomed.
You can find some comments and stories on this older thread about exactly the same issue.
Please let us know how it worked. I am interested myself (have some client_id(s) to renew soon).
This is the wrong place to ask IMO... Only people who charge you (Microsoft) can answer it authoritatively.