It will be a one-off purchase version (perpetual licence) for private users and small companies. In contrast to LTSC (Long-Term Servicing Channel), there will be regular function updates until the next main release. Unfortunately, LTSC is only available as volume licences for companies.
I would also have preferred an LTSC licence without this cloud / AI bells and whistles. You have to switch it off or uninstall it individually. You have to download the software relatively laboriously via setup.office.com and enter the purchased key. The product (Office Home 2024) then appears in the personal connected MSA (Microsoft Account) with the price USD$0.00.