Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
After the mid July updates from Microsoft, you can't run Microsoft Office on your Mac unless your operating system is macOS 12 or later and if you have a Microsoft Office license that can run version 16.83 or later.
Since you have a subscription, the Office license won't be a problem, but the version of macOS may still be.
For example, on a macOS 12 device, you should be able to install Office 16.88 from the update history page at https://learn.microsoft.com/en-us/officeupdates/update-history-office-for-mac .
For more information, see https://www.brandwares.com/bestpractices/2023/03/most-recent-office-you-can-run-best-practices/ .