Microsoft has just released a preview of their Office 2021 version for Mac and Office LTSC (Long-Term Servicing Channel). So this Office LTSC is designed for commercial customers. Both versions are perpetual versions, so you do not need subscriptions or cloud.
So Microsoft first announced its plans for Office 2021 online in February. Also, according to Microsoft, a preview will not be available for Windows users, so a Windows user will be able to view this in the middle of this year. So this 2021Office version supports both Apple Silicon and Intel-based Macs. You need to have at least 4GB of RAM and 10GB of storage space to use this 2021Office version.
According to Microsoft, you can check monthly updates with new features during this preview period. So if you look at the current improvements:
Line Focus, this feature removes distractions to let Word users move through a document line by line.
XLOOKUP, an Excel feature that lets you find things in a table or range by row.
Dynamic array support in Excel, which has new functions for dynamic arrays in spreadsheets.
Record a slide show with narration in PowerPoint.
So all the above new features are included in Windows. Also Microsoft’s Office LTSC variant can take care of things like dark mode support and accessibility improvements.