Upgrading your organization from current versions to Exchange Server SE

Hi The_Exchange_Team ,

A question regarding licensing in smaller infrastructures. I'll simplify scenario to avoid real life nuances:

Let's say I have a single user with Exchange Online P1 license.

For various reasons I am managing this user using Exchange 2016 Server in Hybrid configuration.

As of now all is good and server is licensed correctly as there are no users accesing the Exchange server.

I'd like to move to Exchange Server SE.

Let's skip the workload and configuration as I am only interested in licensing and read the FAQ:

"

Will Exchange Server SE include a free license for Hybrid servers?
Yes. As with previous versions, Exchange Server SE will continue to provide free licenses for qualified hybrid use via the Hybrid Configuration Wizard (HCW); however, unlike previous versions, you will need to either purchase SA for this license (...) or have a cloud subscription license that satisfies the requirements. (...) Also as with Exchange 2019, you will be able to use PowerShell and the https://learn.microsoft.com/exchange/manage-hybrid-exchange-recipients-with-management-tools without the need for a running Exchange Server, thereby obviating the need for any Hybrid licenses.

"

So here are my options:

1. Get the Software Assurance for Exchange Server SE free Hybrid license.

2. Have a cloud subscribtion license that satisfies the requirement.

3. Resign from GUI and move to Exchange Management Tools.

Question:

A. Am I correct so far?

B. What licenses (other than Microsoft 365 Enterprise E3/E5) "satisfy the requirement". In other words what is the cheapest plausible way to license my Exchange Server SE Hybrid for my single Exchange Online P1 mailbox? Would current license be enought? Is any license in Microsoft 365 Business lineup sufficient?

Thank you in advance,

Adrian