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The offline software is more robust. If you’re making sophisticated documents you might want the offline version but the online version fits the needs of most.
And I also use Microsoft 365 mostly for the cloud syncing across devices and the fact that updates just happen automatically. The cool thing I found recently is that you can make visual timelines with an https://www.officetimeline.com/online using Excel or PowerPoint, which helped a ton for a work project. Didn’t need to install anything extra either, just used the tools in the web versions.