Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
There is no option to select a simpler/downgraded/leaner/Classic/dumb version at the moment - hopefully there will be in future (for $40 less per year too!)
When I go to Services & Subscriptions in my Microsoft Account I can’t see any option to downgrade my subscription. You can cancel your subscription, or turn off recurring billing, but there are only two Microsoft 365 subscriptions available to choose from: Personal (for 1 person) or Family (for up to 6 people):
https://www.microsoft.com/en-au/microsoft-365/buy/compare-all-microsoft-365-products
I have Family and it has gone up in price from $140 to $180 per year.