I'm late to the answer party in this thread, but my answer is still relevant and I hope it helps someone:
I found a solution to OneDrive not being included as part of Windows Search Index. You can keep your files in the cloud, and where they are now, and this still works.
For any folder you want to be part of Windows Search Index, OneDrive folders included... you need to change the permissions, and possibly ownership. I changed all my searchable folders to add "Everyone", with "full control".
Your computer may choke on doing this to one very large OneDrive folder and if it does, just do one smaller folder at a time.
You'll immediately see that those folders are now searchable via your Windows key, and typing a few letters.
NOTE that you still won't see the OneDrive folder as an selectable option under Windows Search options! It doesn't matter. Windows will index it regardless. As for that "Don't use the index when searching in file folders for system files..." check box found under "File Explorer Options" (found only from a File Explorer window)... it doesn't seem to make a difference for me. I have it UNCHECKED and it works great. Changing the folder permissions did make a difference tho.
ANOTHER NOTE... I did make sure Windows was logged into my account that is the same as my OneDrive folder. But I'm not sure that helped. Changing permissions did.
Here's the path to changing the PERMISSIONS for a folder:
RIGHT click the folder and go to Properties - Security tab - Edit (under Group or user names) - Add - Advanced (button at the bottom left) - Find Now (on the right side) - in the list find and double-click "Everyone" - Press OK - Click on Everyone - click on the Full Control and Modify check boxes below - click ok.
IF YOU GET ERRORS trying to change permissions, just tap to continue anyway. If you are desperate to just get it done, you have to change the OWNERSHIP of that folder. I changed it, like the files, to 'everyone' (yes, some will argue that unsafe to do, but hey, it's my PC and I'm ok with that)
Here's the path to changing OWNERSHIP of your files and folders:
Right click the folder and go to Properties - Security tab - click Advanced near the bottom - at the very top will show Name: xxxx and Owner: xxx CLICK on the blue highlighted "Change" - Advanced - Find Now - double-click on Everyone in the list below - Press OK - check the box at the top for "Replace owner on subcontainers and object" - Press OK ... and away it goes. THEN try to change security for all files and folder. It should work now.