You said, “I still use Word and Excel. Unfortunately, their subscription model now costs me $130/year for a family plan.”
OpenOffice and LibreOffice can both work with Microsoft Word and Excel documents and spreadsheets. They are open source and free.
They may have trouble if you are using something fancy like Excel macros. For most files they can read, edit and save just like Word or Excel.
LibreOffice: https://www.libreoffice.org/
OpenOffice: https://www.openoffice.org/
Libreoffice is a “fork” of the older OpenOffice. I’m not sure which one is considered the better one these days.
MS alt bump