From a cost perspective, Office 2024 is the obvious winner; since the 5 year price for Office 2024 is $250 and Office 365 is $1200 per person. ($250 per device forever vs. $240 per person, per year.)
Office 2024 has several other advantages, like continuing to work when the internet is down (when implementing on-site file sharing); AND, not being vulnerable to high value hacking attempts.
The bottom line is that Office 365 exposes you to hacking and Office 2024 does not.