Or is this it? Office 2021 and Microsoft (Office) 365? It seems we're overdue for a "refresh" of Office?
I wonder what the significance of this is? And Office 365 was a service for using Microsoft Office, which is also now discontinued and replaced by a service called Microsoft 365.
The significance is HUGE and there are many spreadsheet (Excel) functions which only work in XXXXX 365 (whether it's Office 365 or Microsoft 365). Should you or anyone create a spreadsheet with these features only available in 365, those running Office 2021 won't be able to run that spreadsheet/file. In other words, 365 is more powerful. Complex or unique files created on 365 will not run on Office 2021. For example, I was looking for a fax cover sheet today. I was able to find freebies, but some good ones were designed to only work (run) on Microsoft Office 365. Hence, I feel we need to know if the ISOs for 365 are partially impotent or are the same as the Online (paid) version, which can also be used offline. Otherwise, we might as well just use Open Office Apache, LibreOffice, or Google Sheets instead. The first two applications have portable versions (no need to install) and ofc Sheets is cloud based. Anyhow, I imagine most people don't really care. I think Office 2021 may be the last non-cloud based Office by Microsoft. If individuals need to run Excel or Word files formatted for 365, they'll just pay the monthly 365 subscription. Then there are those who have a work/employer account and can also access Microsoft 365 from home with their work credentials (thanks to their employer).
Even the release of another "one-off" product does not guarantee that Microsoft will leave some features only for subscribers. The rest of the reflections will remain reflections until the actual occurrence of events.
Of course, that would be wishful thinking. But… There are significant additions within 365 that are not present in 2021, so much that anyone reading or watching a tutorial on wanting/needing to perform a particular task within Excel will have a feeling of remorse in not having a 365 subscription. I think that's really the crux of it: Microsoft wants to sell you a subscription, so you'll always have the "latest and greatest" features.