Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
If you cancel your Microsoft 365 subscription you will only be able to use the free OneDrive storage. Be sure to download files you want to keep.
Note that if you cancel your subscription without having another Office product, you will only be able to use the online versions of the Office apps in your web browser. That means reduced functionality and no local storage for files you want to edit.
What you can do is get a one-time payment license. The cheapest option is Office Home 2024 (observe that it does not include classic Outlook). That version is for one user and one computer (PC or Mac). No mobile apps supported.