If you need Office right now - and I presume you do for the M1 Mac - you can get Office 365 for one year at the $70. Then, don't renew it when the year is up, and instead purchase Office 2022.
The software is actually the same. Note the download page is for both 365 and 2019. It's just in how you activate it. Adobe's CS6 Standard and Extended is also like that. The software itself is literally identical. What serial number you put in determines how it's activated.
You'll be able to directly import your Outlook 2011 data into the new version of Outlook, so that's a plus. It's far more work to bring the data from Entourage 2008 or older forward.
It was up in the air for a while if there was even going to be another perpetual version of Office. Just a couple of months ago, Mac announced there would be at least one more. So what's coming in the fall may be the last such version. It really only makes sense when the support for the perpetual software is three years. Business version of Office 2019 - $250. Single use Office 365 for those same three years - $210.
Office 365 gets much cheaper than any perpetual version when you're talking about having it on more than one computer. For $100 per year, you can install it on up to any 6 devices you own. Mac, iOS or Windows (any combination). So for that $300 over three years, six perpetual licenses of Office 2022 Business at $250 a copy would be $1,500. Even for only two Macs, it's $500. So 365 is already cheaper for those same two computers.
MS has made no secret that perpetual licensing for Office is going to go away soon. And when you look at pricing between the two, and especially the fact the perpetual version dies in three years (if you always upgrade macOS), 365 doesn't cost any more, and is usually cheaper. Only a single user who never upgrades the OS past the point their perpetual version will run on saves any money.