Not in the slightest. It's 'pay us a fee, or you won't be able to continue to edit files in the officially approved way'
It doesn't stop you using third party products (Libreoffice, Ability Office)
It doesn't prevent your documents being transformed to another format prior to your subscription ending
It doesn't hinder access to your files after your subscription has ended
It doesn't stop you viewing files either as there's Word Mobile freely available. This probably also allows printing (and thus export to PDF or similar) but I can't be bothered to check.
Ransomware stops files being opened or any data from being extracted, full stop. It is not the same thing.