...I don't tend to hold onto old apps or old versions of apps.... <snip> If you have elderly versions of Microsoft Office or Adobe suite you have been coddling along for years then all bets are off on whether or not they will run.
I archive at least one or two versions of each of my apps as they update, because updates don't always work, and earlier versions of updated apps aren't always available. (That includes apps that are auto-updated by either the App Store or Sparkle, which I add to my archive as .zip compressions.)
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All you need to know about Microsoft Office and Big Sur MacOS - Office WatchOffice 2016 for Mac not supported by Microsoft (no bug fixes or OS compatibility updates after October 2020). Office 2016 should work on Big Sur but it’s not guaranteed and Microsoft won’t help.