I don‘t expect so.

Veeam won‘t be able to delete the data because it doesn‘t know where the files are stored

Yeah I would have to agree with Mildur on this one as this is much different than object lock retention in the other thread.

wonder if you can repoint to new location via registry change or the likes?

That would definitely be a great enhancement as keeping these on the same location as the actual repo seems like bad practice.  Having the ability to move the recycle bin to another drive or location would be ideal to have the files away from the main backup files. 

great minds think a like, almost a BackupCopy job for the Insider Protection data

Personally I think that Veeam only looks at the recycle-bin folder of the repository extent where the folders of the tenants are located. I think that this location is fixed or perhaps hardcoded, let’s say linked to the path of the repository extent. If you move them to somewhere else, Veeam will not track that data. It stays there untill you delete it manually. I’m not 100% sure, but if you want to know for sure : ask Luca Dell'Oca from Veeam, he will now it I think. Perhaps that @Mildur can ask him .

@Cragdoo has already asked the question in our R&D forum :)

I‘m on vacation the next 2 weeks, so I can‘t check our internal database Someone else will surely answer the topic tomorrow.

answer from R&D forum

Unfortunately, there is no way to set a different directory for the insider protection cloud bin, you can only change the folder name via registry (but that's it).

What if we move the data to another system, but map the folder on the original system to the new location?