Likely, that's correct, but Microsoft doesn't explain it as such, which is confusing. Office LTSC is a "nonsubscription"-based product, according to this ZDNet article explanation by veteran Microsoft writer Mary Jo Foley. Office LTSC seems like it's a subscription-based product, but it isn't. Users buy it and they don't get new feature updates, but they can use the suites to create Office files in perpetuity. Office 2021 and Office 2021 for Mac (the "boxed" products) are truly perpetual-license products. In the case of regular Office 365 or Microsoft 365 subscriptions, if a subscription ends, then individuals or organizations just have read-only use rights for their Office files. Most of Microsoft's products with update "channels" are subscription-based, and if the subscription ends, then the software doesn't get future updates or security patches. It's probably confusing that Microsoft considers its Office LTSC product to be a "perpetual-license" product.
Office LTSC, the 'Nonsubscription' Product Mainstream support is the phase when Microsoft's developers continue to issue product updates in response to specific customer issues. The Fixed Lifecycle Policy is mostly known for having 10 years of support, divided into "mainstream" and "extended" support phases, but these Office products will just have five years of mainstream support, with no extended support. Microsoft also has claimed that Office 2021 and Office LTSC follow its Fixed Lifecycle Policy in terms of support, although it's a truncated version of that policy. These releases are notable for having just five years of support, instead of the traditional 10 years. The GA stage, newly announced, signifies that Microsoft deems the products as being ready for use by organizations and individuals in production environments. In April, Microsoft had released previews of both Office 2021 for Mac and Office LTSC. Microsoft also indicated that its long-term servicing channel (LTSC) version of Office, described as a "perpetual release," is now at the GA stage. There's also Mac counterpart of Office 2021 is also coming, but Microsoft hasn't specified its launch date.
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