Quotas do run and do remove old files:
DEBUG |20231006 18:00:40|Applying remote quotas: updating backup records
DEBUG |20231006 18:00:40|Applying remote quotas: removing backup archives
DEBUG |20231006 18:00:40|Removing remotely stored file onedrivebusiness://Backups/[REDACTED]/site-[REDACTED]-20230929-180004utc.jpa
Your settings will result in three (3) backups being kept because "Current backup participates in remote file quotas" is disabled. This means that you get to keep the latest backup you took, and the 2 previous backups (since Count Quota is enabled and set to 2). If you want the current backup to participate in the quota calculations so that you only keep 2 files please enable the aforementioned option (second row in your screenshot).
Beyond that, do keep in mind that quotas are calculated against database records, not against files stored in the remote storage. If you had an older backup which does not have a corresponding record in the database anymore, Akeeba Backup knows nothing about it and its file on OneDrive will not participate in the quota management. So, 3 backups normally keep, plus one leftover backup would make 4.
Finally, do keep in mind that quotas are calculated per backup profile. If you have two backup profiles and the fourth backup is take in with that other profile it will not participate in the quota management of your backup profile #1.
Nicholas K. Dionysopoulos
Lead Developer and Director
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