If you download this doc:
You can see what is included for servers:
Note that all Microsoft 365 E3 and E5 USL license a user for access to Windows Server, but does not include a license for
the Windows Server product itself.
On-premises server rights
The following rights are included with all Microsoft 365 E3 and E5 User Subscription License (USL):
Exchange Server, SharePoint Server, Skype for Business Server
Rights to install the server software on on-premises servers. Downgrade rights included
Rights to access any licensed on-premises servers
The following rights are available for active Software Assurance customers when transitioning to Microsoft 365 using
“From SA” USL:
Office Professional Plus
One installation for the length of the Microsoft 365 subscription
Copies of Office Professional Plus are available to Full User Subscription License (FUSL) users up to a 1:1 ratio
of “From SA” USLs purchased.
For example: You purchase 500 “From SA” USLs and 500 FUSLs. In this case, all users could receive a copy of
Office Professional Plus.
Downgrade rights included