Using classic Outlook for Windows in business environments
I am an Exchange Plan 1 subscriber at the company where I work. I'm hosting 1 custom domain but there is an option to add more custom domains or sign up for a new domain name. I'm not sure if it costs extra to host multiple custom domains.
Referring to your post that says this:
>> I'm not very familiar with exchange so not sure if it works differently in some way versus a 365 hosted email
I'm not familiar with other Microsoft 365 products but I believe all mail hosting services (offered by Microsoft) use Exchange servers. It is their own product. You may not realize your existing mailbox(es) is (are) hosted on Exchange servers right now.