That is especially true with something like Office. When I bought my current personal laptop, I very briefly looked at MS' current Office offerings, then reviewed my trusty old Office 2007 Personal Edition disks, and finally decided to go with LibreOffice, to take any decade-old security gaps off the table.
If I were MS, I would take the revenue hit and reduce the current price by an order of 1/3. There is just not much functionality that has been added to Office in the last 10 years (or more). And certainly most of their developer time on the Office 3xx offering (Are we in the 350's on actual 2019 availability now?) seems to be getting spent on enabling delivery and updates via the internet.
So I kind of think they are rent-seeking on their cloudy version these days.