IMHO your statement holds good ground. perhaps not so many people need web version. still - OFfice365 is about integration with Azure, not only the web client, which... eventually will be replaced from its current from with something that builds on top of wasm/canvas (bet 5$ on it).

The real-time collaboration is vastly overrated mostly, and thanks to Google's marketing. How many times have anyone had to do a real-time edit of document. How many times it was crucial for the process. And how is this better than git push/pulls?

Well, there are some 5% of all cases where real-time collaboration on a document is good to have, but 95% of all times is reasonably OK to share a screen and have few people stand right by the side of s.o. performing actions.