Hi there,   Yes, you can install Microsoft 365 and individual applications for Office on the same system.
Dell XPS 15  9510  with Win11 Home. Purchased with MS Office Pro 2021 preinstalled (had difficulty actually getting it activated but OK now). I'd like to install Microsoft 365 (licensed family version) for several reasons. Can MS 365 exist and run separately on my XPS 15?  I saw a MS post on this indicating that it usually is not possible unless the first product was an msi install.  What about with a Dell preinstall version (as mine is)?  
Can Microsoft 365 and Office Pro 2021 exist on Win11 together?