They haven't really added anything to Office since 2013, the last pre-subscription version. There were massive changes between Office 98 and 2013, including entirely new programs like OneNote. They just found a way to get their customers to rebuy the same product every year.
Same thing happened with Adobe and CS6; feature development slowed to a crawl after the change to a subscription.
About three years ago, I had a Macbook and I wanted to play with Flash/Animate again.
I went to Adobe's website, and couldn't find a non-subscription version to just buy, so I actually contacted customer support about it, and they said "nope, you have to pay for a subscription".
I could have of course sailed the high seas, but I opted to just buy a copy of Toonboom Harmony, which is fairly different than Flash but close enough and still offers perpetual licenses (and shockingly works pretty well with Wine/Proton on Linux).
I didn't really want to resort to piracy; I think it's stupid that Adobe won't sell a perpetual license.
I got a license to Moho from a Humble Bundle like a year ago, and I think Toonz is open source nowadays, all in addition to the ToonBoom copy I have so I probably don't need the real Adobe Animate anymore.
The pace has probably slowed down, but problem isn't so much that they're not adding anything, it's that the additions are either somewhat niche (e.g., new Excel formulas), don't work as well as they should (e.g., syncing), or are confusing (e.g., the new Outlook that lives alongside "classic" Outlook).
Can confirm as someone who was using pre-subscription Office to write/read files while everyone else at work was using the 365 version. Now that I'm using 365 too, I do however appreciate the ability to do shared live editing in the office programs.
I found this using my secret inside IT knowledge: searched "buy office perpetual" on the internet.
I know microsoft is the evil soulless megacorp on HN, but the least you could do is attack them for true things instead of totally made up, has-never-ever-been-true things.
Same thing happened with Adobe and CS6; feature development slowed to a crawl after the change to a subscription.