Exchange SE (and 2019, for that matter) licensing does apply. There are two ways that one can go about Exchange SE licensing, as it is described in "What is Exchange Server Subscription Edition (SE) and how is it licensed?" and "If my organization is hybrid with Microsoft 365 and I do not host mailboxes on-premises, do I still need to license Exchange Server?" in the Microsoft Exchange Online and Exchange Server Licensing FAQs.
The reality is that if your organization already has Exchange licensing squared away (either via Software Assurance or E3/E5/E7 Extended Use Right) then Edge on-premises can be an obvious choice. If there are no Exchange licenses present at all, then licensing needs to be taken into the account.
But in either case - staying with IIS SMTP Virtual Server (2003 technology) is not something that we'd recommend.