OneDrive is known to cause issues with The Sims 4 which is why most people have disabled it. It CAN work, but I wouldn't take the risk. I had it do its job one time by sheer accident because for some reason, I hadn't completely disabled it so it kept synching stuff in the background. I only found out after my computer crashed and needed a complete reset; when I reinstalled The Sims 4 and launched it, it started downloading tons of files from OneDrive. I still have no idea how I didn't notice OneDrive was active all this time because I KNOW I detached it from the Sims folder, and I really consider myself lucky it didn't break anything. I've deactivated it after the game was working again because I don't want to take any risks. Just because it did its job once without causing any issues doesn't mean it'll stay this way.
Ever since that crash, I've started to backup the Sims 4 folder regularly, using an external hard drive. You could also use Google Drive if you have enough room.