Sure, some existing features might be tweaked (quality updates), but no actual new features are added. Some businesses prefer this, because it means they don't have to continually retrain their workforce when new features drop, because they won't get it. That's the whole point - if you want the latest features you need to get the 365 sub. For example the ribbon is different between perpetual versions. None of the frozen-in-time versions get new features, that's how it is. Microsoft releases security and quality updates for Office LTSC 2021 (volume licensed) and Office 2021 (retail). Also see this update history page for Office 2021 where it states: No need to guess or "check the latter", even Microsoft say so, check first question here and their comparison PDF here. And I already explained what I meant by "updates", and features are not it.
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