our devices are currently locally domain-joined, we have an Office 365 E3 subscription (edu sector). We're in the process of developing a hybrid environment that'd serve our needs. (That being said, ressources in education are naturally limited.)
From what I could gather in the ressources provided online, there might be a chance that basic might be enough, but I couldn't find anything explicit and official. Device writeback (and thus, P1+), on the other hand, appears to me to be a necessity.