That answer lives in your own retention schedule. Microsoft's documentation settles the practical half: where the boards are and which controls can reach them.
Microsoft is direct about where boards live: "Whiteboards are created in the OneDrive folder of the person who starts the whiteboard." Its data management page adds that whiteboards stored in OneDrive "are handled like any other content in OneDrive," and lists the data controls supported for them: retention policies, quota, legal hold, DLP, and basic eDiscovery, with the .whiteboard files "indexed for keyword and file type search."
That reverses the position before the migration. Microsoft's comparison page lists retention policies and e-discovery and data loss prevention among the features Azure whiteboards do not offer. The boards that moved now sit where Microsoft Purview eDiscovery and retention policies can reach them. Whether your existing policies actually include the OneDrive accounts where they sit turns on scope, licensing and configuration, and it is worth checking. Microsoft lists sensitivity labels, more eDiscovery support, and transferring a whiteboard when a user leaves the company as data controls planned for future releases, so treat today's eDiscovery support as basic.
So the useful version of the question is narrower and answerable in an afternoon: did anything happen on those boards that your retention schedule would cover had it happened in a document? Committee workshops, incident post-mortems, vendor selection sessions, and risk-ranking exercises all tend to produce a whiteboard and a set of decisions. If the decisions were written up elsewhere, the board is probably a working artifact. If the board is the write-up, it is doing the job of a record whatever it is called. Which of those applies is a call for your records and legal reviewers.
The case that needs the most attention is the one tied to people leaving.
The departed-owner question now lives in OneDrive
Because a board lives in its creator's OneDrive, it follows that person's account. Microsoft's method for keeping a former user's boards is specific: "To preserve a former user's OneDrive files, including .whiteboard files, first give yourself access to their OneDrive, and then move the files you want to keep." It also notes that when whiteboard files are moved, "share links and permissions might not move."
The clock on that step is the deleted-user OneDrive retention setting, which an administrator sets anywhere from 30 to 3,650 days. A board that matters belongs on the offboarding checklist, reviewed well inside that period.