This appears to be two clumsy ways to convey the same information.  Apparently the document is “online”.

This does raise the question of what “online” actually means. The document is technically in a OneDrive library mapped to a network drive on my PC (not to be confused with a local copy that’s unreliably synced to the OneDrive library). Whew. Does “online” mean that it resides on OneDrive as opposed to my local machine? Since it’s accessed via a mapped network drive and not synced, does the online/offline distinction still apply?

The good news is that the “cloud space” still has plenty of maturing to do.