The difference between Microsoft 365 Software and Microsoft 365 Software Box lies mainly in the form of delivery: The Software Box contains the licence key physically in a package that is sent by post, while the electronic version delivers the licence key digitally, usually by email or download link. In terms of content and functionality, both versions are identical, offering the same licence for 1 user and a 12-month term. The box is therefore a physical version of the same subscription that is also available electronically. Your assumption is therefore correct.