A family of Microsoft word processing software products for creating web, email, and print documents.
Once you have canceled and uninstalled Microsoft 365, you will need to purchase some version Office 2024. The initial cost may be more than the annual cost of a Microsoft 365 subscription, but it is a perpetual license. For Office 2024 Home, see https://www.microsoft.com/en-us/microsoft-365/p/office-home-2024/cfq7ttc0pqvj
For Office 2024 Home and Business, see https://www.microsoft.com/en-us/microsoft-365/p/office-home-business-2024/cfq7ttc0pbm7
The difference is that the Home and Business version includes Classic Outlook, without which you are reduced to using New Outlook, which cannot be used for email merges or sending email directly from Office apps. Neither version includes any OneDrive storage.
You might consider switching to Microsoft 365 Personal. If you don't need or want Copilot, there are classic plans that don't include Copilot and cost less.