According to the Microsoft 365 roadmap, OneDrive for Web will get a Favorites feature in March 2023, which is designed to help users fix certain files for quick and easy subsequent access.
Microsoft says not all Microsoft 365 documents are opened in the same way, and some files may be opened weekly, while others may be opened only once in a long time.
So after having the favorites feature can help users organize these files, those files that must be used in the favorites, whether to open often or occasionally open a file, the user can quickly find the file through the favorites.
The favorites feature is not only limited to OneDrive, other services of Microsoft 365 will also bring similar features or already have similar features, such as favorites in document library, favorites in Office.com and favorites in Microsoft Teams files.
Unfortunately the favorites feature is currently limited to the web version of OneDrive, and at least for now Microsoft has not mentioned whether the OneDrive app will offer favorites functionality.