I just got a new laptop and after doing most of the configuration I noticed that there were two OneDrive folders in File Explorer. The top one is named for my work tenant and the lower just named OneDrive. Typically the icon named OneDrive is for the personal version of OneDrive but I didn't have that configured. Only a OneDrive for Business account was configured.
When I clicked on the OneDrive icon it opened the same content as my OneDrive for Business. So, it appeared to redirect.
In my user profile folder (C:\Users\ByronWright\), I saw that there was a folder named OneDrive. When I deleted that folder, the redirection stopped and I got an error indicating that the folder didn't exist. Whoops. No fix there.
After a bit of searching around I found that I could remove it by removing the reference to it in the registry. That area of File Explorer is controlled by HKCU\Software\Microsoft\Windows\CurrentVersion\Explorer\Desktop\NameSpace. In that registry key, I had two registry keys that looked like GUIDs. Inside I could see one with the name OneDrive and the other was the OneDrive for Business name.
I deleted the registry key that referred to OneDrive (the entire key named like the GUID) and it immediately removed the extra reference to OneDrive from File Explorer.
My new laptop was originally purchased with Windows 11 Home edition which required me to sign in with a Microsoft account during setup. This configured personal OneDrive at the time. I upgraded the laptop to Windows 11 Pro and did a system reset but I think the reference to personal OneDrive was left over in the default user profile which was then copied when I signed in as my Azure AD (Entra ID) user.
For some additional information about this see: https://superuser.com/questions/1144868/duplicated-onedrive-icon-in-explorer