Yes, you can keep an eye on that bug report for any updates from the developers.
If you're not using Office 365 for China you could edit auth/oidc/classes/oidcclient.php changing line 69 from:
$this->resource = (static::use_chinese_api() === true) ? 'https://microsoftgraph.chinacloudapi.cn' : 'https://graph.microsoft.com';
to:
$this->resource = 'https://graph.microsoft.com';
Please note that I haven't been able to test this.
Depending on your situation there may be the option of uninstalling the plugin and reverting to the previous version, the bottom of the plugin Versions page allows you to switch to 3.8.0.0. You might need to revert Microsoft Office 365 Integration (local_o365) too. This might be fine for a new site but for an established site with lots of affected users it might be more difficult.