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Originally Posted by Hemi-Cuda
Whenever you activate office with a company account, it asks you if you agree to let your PC be corporately managed. There's an option though on that screen that says "Sign into this app only" to bypass that. You'll be prompted every so often to re-enter your credentials and click that option again since there won't be a record of your PC in your company's Office 365 portal, but it's easy enough to do and there's no worry of any IT admin accessing any data from your machine
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You are still signing in with your corporate O365 account and depending on the compliance policy or MDM settings, they can still see all your data and documents and activity done through this account. The flip side also applies, one VP used their corporate O365 account for their kids and they were almost able to screw up all the confidential Sharepoint work she had access to.
There is a separate thing called the Microsoft Home Use Program or HUP that you should inquire with your employer about. It gives you a discount on purchasing your own personal license if you work for an employer with a M365 agreement.