Hi - thanks for your comments.
The new external drive support is not yet available in the App Store. You must be on the Insiders ring which isn't available on the App Store version of OneDrive. We'll bring this to all of our users soon.
For users on an eligible build/the Insiders ring, we won't automatically switch to the new external drive experience. As mentioned in the blog, to opt-in, you need to unlink and relink your OneDrive to do so. We haven't decided yet whether we'll update automatically in the future, but for now you need to do it yourself if this is the experience you'd like.
Some types of drives are considered removable by macOS, and can be ejected. OneDrive for Mac has never supported this type of drive, with or without the enhancments I've described here. The only change we're introducing is that the ~/Library/CloudStorage folder is now located on the drive you choose, instead of on your home volume.
Thanks, Jack