Just like Office 365, Microsoft Office for Mac gives you access to a bundle of popular Office apps. However, the apps in Office 365 and MS Office for Mac are not the same — for example, Publisher is not included in the Mac version of MS Office. Also, while Office 365 is a subscription service, MS Office is sold as a one-time purchase, which means you don’t get free updates.
There’s now a fully compatible version of MS Office for M1 Mac, so if you’d like to have access to Word, Excel, PowerPoint, Outlook, OneNote, and OneDrive, you can purchase it anytime — the price is around $120. But note that Publisher is not included.