Since you would be paying for Microsoft Office 365 (if you could upgrade to Ventura) anyway, why not pay less for SoftMaker's Office 2024/NX which has clones of Word (TextMaker), Excel (PlanMaker), and Powerpoint (Presentations). Office 2024/NX has a free trial and different payment options for a formally supported application suite. It opens MS Office documents in their native document format with the familiar ribbon bar interface.
Although you will see others suggest the free LibreOffice Suite which has reasonably good MS Office clone work and document compatibility, it will take some learning curve to adapt from MS Office to LibreOffice. To ease that transition, some detailed documentation is available that has been written in LibreOffice Writer.
Either of these application suites will work just fine on macOS Monterey (or later).