Using New Outlook on Windows for personal email, calendar, and contact management
The 5 GB limit is not just OneDrive. Microsoft now shares that 5 GB between OneDrive files/photos and Outlook.com email attachments, so Outlook attachments can fill the quota even when OneDrive only contains 100 MB.
First check the storage breakdown here: https://go.microsoft.com/fwlink/?linkid=2226904
If Outlook attachments are using the space, open Outlook.com > Settings > Account > Storage, then remove large emails with attachments, especially from Sent Items, and empty Deleted Items/Junk afterward. Microsoft explains this here:
https://support.microsoft.com/en-us/onedrive/what-is-microsoft-cloud-storage
After cleanup, allow up to 24 hours for the storage figure to refresh. If the dashboard itself still shows nearly 5 GB used with no corresponding files or email attachments, that would indicate an account-side quota reporting issue rather than a problem with New Outlook.