If this is only for you, Office 2019 is your best bet for both price, and to ensure compatibility with your existing Office documents and those you need to send/receive with other users. Like Office 2016, 2011, 2008, etc., Office 2019 is a one-time cost perpetual license. It will work for as long as it takes a future release of macOS to break it.
If you need to install Office on even only two computers (and with 365, that can be up to any six computers you want [Mac, Windows, iOS]), the subscription version is cheaper.
The $99 per year fee for six computers is a far better value than getting individual licenses for Office 2019. When you figure a perpetual license release is going to happen roughly every three years (per MS' history), $300 over three years is much, much less expensive.
If you were to purchase six Home version editions of Office 2019 (the one without Outlook) at $150 per license, it would be $900. For the Home and Business edition with Outlook, it would be a whopping $1,500! Then you'd spend that again about three years from now if you always get the latest release when they become available. Even installing Office 365 for only two devices is cheaper than the perpetual license Business edition.
Rumor, too, is Office 2019 may be the last perpetual license version.