Just so people know, Office 2024 will have a perpetual license option:
https://www.xda-developers.com/microsofts-office-2024-perpetual-licenses/
Main reason I don't rely on Libreoffice is because I've had issues when it comes to other people's documents, even if I were to primarily switch to LO, I'd still want at least 1 copy of MS Office as fallback.
I do use Office 365, but I only ever buy Office 365 6 users when discounted, share it with family and use the 6x1TB Onedrive with some other software for encrypted backups. The latter is what really gives it value IMO.