On a device with multiple accounts, Office Home and Home and Business 2024 can be used on all accounts. The fact is that the licence is tied to 1 device and can only be used on one device. I am a PC supporter and have done this very often on customer devices, e.g. one device for a married couple with two Windows accounts on one device.

I don't think you're doing anything wrong if you only install MS Office on a device that only has Windows installed.
Both are just one installation that is licence-compliant. The number of internal or external accounts (Microsoft account) on the device is irrelevant. You can only work on one account at a time (nothing at the same time).

The licence for "Office Home 2024" is limited to one user. If the laptop is used by three people with their own accounts, one licence is not sufficient. Each user requires a separate licence to use the software legally.