A group of Microsoft Products and technologies used for sharing and managing content, knowledge, and applications.
Hi @wick111 ,
Each site collection has its own sharing setting which you can set independently, though it must be at the same or more restrictive setting as the organization.
1.Set tenant external sharing setting: SharePoint admin center >Police > Share.

2.Set site collection external sharing setting: SharePoint admin center > Active site > The site you want to be anyone links > Policies > External sharing > Edit.
Note: Remember to set other site collection external sharing setting you want.

For Reference:
https://learn.microsoft.com/en-us/sharepoint/turn-external-sharing-on-or-off
https://learn.microsoft.com/en-us/sharepoint/change-external-sharing-site
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