I imagine Windows 11 without a TPM will be treated like a rooted Android device. It may work, but many apps, Office 365 in this case, will enforce their own TPM requirements.
That means that Office 365 will have to get the boot.
As an 'oldie', I can remember when every office computer had to have .doc capability. I haven't seen a .doc file (including .docx) for years. Everybody uses .pdf these days. Why? Simply because there's no bullshit about reading or writing .pdf files.