
You need to work with your admin to check what retention policies apply to your OneDrive, they do not need a license for that. The period is defined in the policy, plus 30 days for cleanup:
A timer job periodically runs on the Preservation Hold library. For content that has been in the Preservation Hold library for more than 30 days, this job compares the content to all queries used by the retention settings for that content. Content that is older than their configured retention period and isn't awaiting disposition review is then deleted from the Preservation Hold library, and from the original location if it's still there. This timer job runs every seven days, which means that together with the minimal 30 days, it can take up to 37 days for content to be deleted from the Preservation Hold library.