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The answer is yes. The In-Place Archive feature allows you to store and access your old or less frequently used emails in a separate online archive mailbox, which can help you reduce the size and improve the performance of your primary mailbox. The In-Place Archive feature requires Exchange Server 2013, Exchange Online Archiving (EOA), Exchange Online, or Microsoft 365
Outlook in Microsoft Office Professional "non-Plus" LTSC edition is the same as Outlook in Microsoft Office LTSC Professional Plus 2021, which is a volume license version of Office that is available through volume licensing only. Outlook in Office LTSC Professional Plus 2021 supports the In-Place Archive feature, as well as other advanced features such as Information Rights Management (IRM) and Data Loss Prevention (DLP) Policy. Therefore, Outlook in Microsoft Office Professional "non-Plus" LTSC edition also supports the In-Place Archive feature, as long as you have a valid Exchange Server or Exchange Online account
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From <https: support.microsoft.com/office/office-2021-and-office-ltsc-for-windows-and-mac-faq-d574cf0b-3ebc-42cf-9035-a3b837e0463c="">
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