If it’s a Microsoft Office file, then you and others can collaborate on it with the web app versions of Excel, PowerPoint and Word.
You can share files or folders in your OneDrive with anyone by sending them a web link to it.
With it you can sync files on your Windows 10 PC to the cloud and to your other Windows PCs, your smartphone or tablet (with the OneDrive app for Android, iOS, or iPadOS installed), and even your Mac (via the OneDrive Mac app). Microsoft’s cloud storage, OneDrive, can back up your files online.