Yes, you should be able to do this. If you have a Windows PC, then your OneDrive has a local anchor point, usually at C:\Users\username\OneDrive. If you create a folder in OneDrive for your Roon Backups, set this to sync between the PC and the OneDrive cloud. Then add it as a Backup storage location in Roon. For example, I have two Backup storage locations defined on a Windows 10 server, like this:
