@Ash Prince a couple of weeks ago a representative of Microsoft told me that there is an alternative route.
You could purchase five licenses of OneDrive for Business (Plan 2). This way, you could setup an archive user account in Microsoft 365 and assign the OneDrive for Business (Plan 2) license to it. It allows you to upgrade the storage limit for this account to 5 TB. At 90% you can submit a service request with Microsoft to raise the limit to 25 TB.
Downside of this is that you need to move the data to the OneDrive account. But it's still SharePoint under the hood. I'd use it for static data, and leave the active data in SharePoint/Teams.
Five times OneDrive for Business (Plan 2) is still a lot cheaper than 1 TB of licenses of "Office 365 Extra File Storage".