The two are very, very similar. I also prefer the conventional "local installed" versions of Office like Office 2016 to Office 365.
I cannot speak definitively as I am not using both at one time at the moment. But I use Office 2016 daily and have tutored JAWS and every Office version since either 2007 or 2010 (I can't remember which at the moment). On the whole, "Office is Office," from an accessibility standpoint. The core functions have remained the same forever, as have the keyboard shortcuts for same.
Brian - Windows 10 Pro, 64-Bit, Version 1903, Build 18362
The color of truth is grey.
~ André Gide