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OneDrive for Business is Microsoft 365's cloud storage and file sharing application for organizations.  OneDrive allows you to easily store, manage, and share work files without having to contact IT.  OneDrive is accessible via the web or the OneDrive for Business sync client (desk top app).
The article contains a vast range of software and resources for faculty, staff, and students to teach and collaborate online.
Microsoft 365 Groups include communication tools, file storage and sharing.  The biggest benefit, of Microsoft 365 Groups, is not it's file storage capacity, but in it's ability to manage communication, notes and files related to a focused idea.
Streamline editing Microsoft 365 documents with Digital inking tools with your touch device using your finger, pen, or stylus to annotate and highlight text, and use the built-in digital ruler. The feature in PowerPoint would depend on if your university desktop or laptop is the most up to date Microsoft 365 version. Available via the Draw tab in the Office ribbon.
Add Users to Shared Office 365 Email