Once Office 2021 for Mac is final and released, no new features will be added. It’s designed to be a static release of Office, but during the preview there will be monthly updates that could include new features. Office 2021 for Mac will support both Apple Silicon and Intel-based Macs, and require at least 4GB of RAM and 10GB of storage space. Microsoft announced its plans for Office 2021 back in February, and a Windows version - which won’t be available in preview - will also be released later this year.
While Office LTSC (Long-Term Servicing Channel) is designed for commercial customers, both versions are perpetual versions of Office that don’t rely on subscriptions or the cloud. Microsoft is releasing a preview version of Office 2021 for Mac and Office LTSC this week.