There are plenty of options for you to consider.
SRS
SRS would require you to rewrite the Return-Path
header to change the domain on which SPF is checked. But this will then impact the bounces that are returned to that address instead of the original Return-Path
address. So, I would not recommend this action.
Transport Rule in Exchange Online
If you have created an inbound connector in Exchange Online for your mail flow from on premises, you can add a transport rule for that connector that sets the Spam Confidence Level (SCL) to -1. Basically, this will treat all emails arriving via this connector as safe listed. This is an option if you fully trust your on prem filtering capabilities and do not wish to use any of the capabilities available in Exchange Online Protection. For more information see: https://learn.microsoft.com/en-us/Exchange/security-and-compliance/mail-flow-rules/use-rules-to-set-scl
Enhanced Filtering
Enhanced Filtering will let you list all intermediary hops in your on prem / hosted mail flow via a specific Inbound Connector, to be discarded by Exchange Online Protection and treat the IP address of the hop before on prem setup as the originating host. This will let SPF checks pass on the emails for the original domain used in the Return-Path
header. It also allows you to still take advantage of additional capabilities available in Exchange Online Protection (Microsoft Defender for Office 365). For more information see: https://learn.microsoft.com/en-us/Exchange/mail-flow-best-practices/use-connectors-to-configure-mail-flow/enhanced-filtering-for-connectors
ARC
Authentication Received Chain (ARC) will let you add a sealed Authentication-Result header at the on prem filtering email server which will then be considered by Exchange Online as trusted. You can configure trusted ARC domains in the Defender portal at https://security.microsoft.com/authentication by adding sealing domains. This will require your on prem filtering mail server to support ARC sealing.
More on ARC in Office 365 at https://learn.microsoft.com/en-us/Exchange/mail-flow-best-practices/use-connectors-to-configure-mail-flow/enhanced-filtering-for-connectors