if the user uses smtp.office365.com does a mailbox is required.
Yes. You may need a mailbox with Exchange license assigned to it.
Does this account needs to have POP3 and IMAP enabled.
It isn't necessary but depends on the client you are using.
For example if you are using Outlook, you may use Mapi over Http to access the mailbox.
However, if you are using clients which only support POP3 or IMAP4, you may need to enable it.
(by default it is enabled for all users unless you have security defaults enabled).
In addition, if you would like to enable SMTP relay, you may also need to disable security defaults.
For more detailed information on how to setup SMTP relay, please refer to Option 1 in this link:
How to set up a multifunction device or application to send email using Microsoft 365 or Office 365
If you run into problem with sending emails, please refer to this link for troubleshooting:
Fix issues with printers, scanners, and LOB applications that send email using Microsoft 365 or Office 365
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