
That's the theory, yes. As long as there is a retention policy acting upon the drives, they will be preserved and removing the user/license wont affect them. Neither will you be able to manually delete the site via PowerShell.
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We applied a retention policy on a users OneDrive for 3 years. My query is how the retention policy on OneDrive works when the user is deleted and license is removed in O365. Will the user's OD data be available for 3 years when the account is deleted from Azure AD?
That's the theory, yes. As long as there is a retention policy acting upon the drives, they will be preserved and removing the user/license wont affect them. Neither will you be able to manually delete the site via PowerShell.