Azure is kind of a fake out
I believe Microsoft only sells Exchange Online now. If you buy it, you get on-prem Exchange if you want to use it. I work for a company with 200,000 users. Our Azure experience has been a pure disaster for keeping users synchronized. Microsoft is very lucky the same dolts who bought into Microsoft for years are still in power at these companies. I can't see the next generation of IT leaders still buying this crud. Azure is so immature compared to AWS it is not even close at this point in time.