OneDrive does offer restoration of individual file versions or even the entire OneDrive contents (for things like ransomware attacks). Details are here
I think OneDrive is a pretty good (but paid) backup utility especially for non-technical people. There are a lot of things that I could nitpick on, but for some of the older people (octogenarians) that I am the family support for, I set it up and anytime I interact with their computer I click on OneDrive to ensure it is replicating. I very occasionally have seen a single file not replicating, but never have I seen it fail completely. These people previous had NO backups of any kind.
I use it myself as an additional backup location, but not in the way most people would.
You absolutely can roll back to previous versions using the steps in those links. I believe it has a 30 day limit, but that is pretty good for a consumer product.