Ensure that the application is not being blocked by policy by running the following command in an elevated command prompt

reg add HKLM\SOFTWARE\Policies\Microsoft\Windows\OneDrive /v DisableFileSyncNGSC /t REG_DWORD /d 0 /f

No reboot is required afterwards to test.

If that does not working, you may need to apply an update to it. You can run the update from one of the following locations

%localappdata%\Microsoft\OneDrive\Update

%localappdata%\Microsoft\OneDrive\StandaloneUpdater

Let it process, then try to launch the application again