Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Yes, I concur with your understanding and I am in the same position as you with regards to Google Apps. I have it free because I had subscribed a long time ago.
I still do not see why MS do not want to open this up for O365 Home. After all, we are paying an annual fee for 5 users.
As Tom said, it is very common nowadays for families to own a domain name ... which they cannot use with O365.
Personally, I do not think MS have anything to lose if they give us this functionality. I just hope that they look at these threads sometimes to get our feedback :-)