At Ignite 2021, Microsoft announced that OneDrive will natively support ARM-based Windows and Apple M1 devices, saying:
We are thrilled to announce OneDrive support for ARM-based Windows devices Join us in the Insiders Ring to opt-in for the ARM preview by end of this year.
We recently announced that OneDrive will be natively compiled for M1 and will be releasing a preview for the Insiders Ring in December. You can take full advantage of the performance improvements on M1 by early next year
Now Microsoft has announced some detail of the rollout of a Preview of the ARM client to devices in the Current Channel (Preview). Following the preview release to Current Channel (Preview), it will release for General Availability.
Both the Windows ARM client and the Apple Silicon client will begin rolling to the Current Channel (Preview) in early December and is expected to complete rollout mid-December. Standard users will begin receiving the update between late January and mid-February.
To enable the preview, users will need to have joined the Current Channel (Preview) and enabled the preview in OneDrive Settings > About. Users can also opt out in OneDrive Settings > About. The functionality of the clients are the same, but the ARM client may perform better.