Microsoft Office 2024 License Activation Issue on Mac

I installed Microsoft Office 2024 on a Mac OSX and encounter what seems like a common issue. It isn't activated and keeps asking me about Office365.

I know my license key. Is the only way to activate it is to log into or create a microsoft account? If so, then each time I reboot the computer do I have to re-login into the microsoft account otherwise office won't work?

Horrible way of doing things if true. On an older Mac I have office 2019 and don't have these issues.

Thanks for any help.