I use Mega instead of OneDrive for backing up my audio files, but the principle is the same.
Be really careful that you don't try to sync your project folders directly though - instead use a backup folder.
I had a bunch of SONAR crashes that I couldn't explain, until I realised that OneDrive was trying to sync my project & audio files while SONAR was using them.
What I do now, is have a batch file that copies my project/audio files to/from a backup directory. It is this backup directory that is sync'd to the cloud. The batch files use Windows' ROBOCOPY command, which has the option to only replace newer files.
This gives me control of when I want to do my cloud backup, and when to restore from the backup.
The initial upload did take a fair bit of time, but now it takes less than a minute or so to backup after a session. That being said, my internet connection is fairly fast (80MB down/20MB up).
An additional benefit of doing this, is that I'm able to keep my "bedroom" studio PC, main studio PC and laptop all in sync. So no matter where I record, each PC gets exactly the same list of projects.