"Personally, I use Office 365 Home because it covers the whole family"
I'm the same. There's 5 of us and it covers all our devices - 3 Windows PC's, 3 Mac's and 8 iOS devices. Sure I could use something free but my wife is familiar with Office and uses Excel heavily and she's familiar with it and she doesn't deal well with change. I want my kids to use Office as most of the corporate world uses it so they will have better prepared for a job if they have Office skills.
My dad has a small business and they were still running Office 2007 last year and have a local Exchange server. I looked into Office 365 for them, looked at the declared support lifetimes and we did the maths. For him it worked out cheaper to buy Office 2016 for the 7 Office PC's & laptops as they'll keep using it for as long as they can. They aren't power users at all but use most of the features of Exchange. The only reason we upgraded Office 2007 was because it was no longer supported.
Later this year we'll replace the local Exchange server (SBS 2011) with Office 365 Business Essentials which is only Exchange, Teams, OneDrive and SharePoint. We are only going this way because MS doesn't sell Small Business Server any more so a full license of Exchange, CALS and a server to run it on is more expensive than O365. Also means we don't need to back it up any more. We'll get a small server to run Windows Essentials for their AD, file & print sharing and Direct access.