Depends on what you mean by “use”. Yes, you can open/save files. However the simultaneous collaboration features will not work (multiple users in the same file at the same time). Also you will get updated “features” more slowly, or not at all, which can cause compatibility problems (esp with formulas in Excel).
But for general use, most users won’t encounter these issues.
The reality is that the Microsoft bean counters have the pricing figured out; I’ve found that, by and large, customers are actually better served by the M365 subscription over, say, a 3-year period. Counterintuitively. Especially if you shop wisely and pick up M365 sub licenses at a discount, which happens a few times a year. The one benefit I’ve found with these licenses is with multi-user computers, as the license is per-PC, not per-user, so all users on the PC share the same license (which gets much more complicated/expensive to do otherwise using the M365 subscription model).
Alternatively you can pick up legit licenses of Office 2021 for less than $40 from several vendors nowadays. And Woot had M365 Personal 1-year for $30 the other week. You can pay $30 3 times, stack, and have the up-to-date version of office for far less than this 2024 license cost. And get the benefit of the 1TB of cloud storage. Microsoft took away their Personalized Email feature (being able to use your own domain), which was a shame, add the subscription a great value. (Apple iCloud now is the sole provider that offers ‘custom’ email using your own domain name. Both Google and Microsoft have pushed that to their business-class product tier.)