Yesterday, I gave a try to enroll a new DEP MAC Book Air (macOS 11.1 (20C69)) (Intel-Based), everything went well except Intune "Microsoft 365 Apps for macOS". I waited long time and it did not install on MacOS 11.1 but it works fine with macOS 10.15.7.
As per https://support.microsoft.com/en-us/office/microsoft-365-and-office-2019-support-for-apple-silicon-c55b603e-14a6-4b69-bdc0-2bb4c9a36834?ui=en-US&rs=en-US&ad=US , The December 2020 release (build 16.44) provides native support for both Apple Silicon and Intel-based Macs. Word, Excel, PowerPoint, Outlook, and OneNote are supplied as a Universal macOS binary, where the Mac operating system will dynamically load the most optimal app components for your device. This release of Office includes the latest optimizations for macOS Big Sur, which is the first operating system to support Apple Silicon.
In my case, it did not work. for your info its not a LOP app instead I used Microsoft 365 Apps which should work regardless of architecture.
Yes offcourse, i can download the latest from https://docs.microsoft.com/en-us/officeupdates/update-history-office-for-mac and deploy it as LOB app but its not a best practice to do when Microsoft provides Office App for Mac.