A Microsoft 365 Classic option will be available, according to ZDNet, and it will cost a similar price to what you pay right now for Microsoft 365.
Similar price? so the price will still increase, if all the features is needed , then it is a good deal, but with free office suites out there that will suit the majority of people, paying for Microsoft 365 is costly over the year.
If I needed Office, I would buy it outright, fed up with subscriptions needed for this and needed for that.
Using a Mac for most things these days, i find pages and numbers does everything i need, but then I am just a home user, if i did not have a Mac, I would be using LibreOffice.
The one they don't have is desktop publishing, but then MS Office don't have that these days. I use Affinity publisher, but there are a couple of free ones around