As I expected, that article didn't even mention the Mac App Store option.
Here are a couple of pages from Microsoft describing the differences:
https://support.microsoft.com/en-us/office/microsoft-office-and-the-mac-app-store-ad2293a8-f5aa-4652-ae3f-83dda906d748
https://support.microsoft.com/en-us/office/microsoft-office-activation-and-the-mac-app-store-a699bd24-a8f1-4f40-9d19-9b6b6034ec51
But remember that Microsoft is trying to discourage the Mac App Store option. They have to have it, because (in my experience at least) up to 40% of Mac users only purchase through the Mac App Store. What Microsoft describes as the bad parts of the Mac App Store are what I consider the good parts.
The biggest difference is that I don't have constant updates. I update when I need to, but I'm the one that decides when that happens and on what terms. I also don't have those extra background tasks running in the background. Funny how it runs just fine without those.
For you, there are two big issues to be worried about. You have to worry about the Office version, but also your macOS version. Do you intend to upgrade to macOS 15 (or some other version) this year? If so, will Office 2021 work on that version? And for that matter, what about Office 2024? If it works, does it work well? Or is it buggy?
These days, people have gone absolutely insane with updates. Everything has to be the absolute latest version. Yet the developers (from Apple itself and all 3rd party developers) simply can't keep up with their own schedule. Personally, I like to stay out of that mess. I recently updated to Ventura. My office apps work fine now, so I have no need to update them.
All I wanted to do was let people know that the Mac App Store is a great option for some people. I didn't realize it until recently and I'm very pleased. Your needs may be different. But I think the Mac App Store is the best of both worlds - flexible, less junk, same features, same price, updates if and when I need them, but on my terms.