Today, Microsoft is announcing what is now called the Microsoft Office LTSC (Long Term Servicing Channel). A while back, it launched Office 2019, which includes the standard suite of Office tools, but is frozen in time and without the benefit of the regular feature updates and cloud-based tools that come with the subscription offering.
But as the company promised, it will continue to make a standalone, perpetual license for Office available for the foreseeable future.
If you use Office, Microsoft would really, really, really like you to buy a cloud-enabled subscription to Microsoft 365 (formerly Office 365).