Been looking at the 0365 Pro Plus deployment/migration from 2016
Since i believe O365 is user entitlement via the admin portal.
During a test install and enabling Visio and Project, all install successfully. Then as a test i logged into host with an account that has no access to visio (plan2) as expected launched Visio and got a message that Visio is not licensed, word, excel all good.
Then i log in as another user that has access to visio plan 2 and as expected visio is fine and licensed for this user. Now i log back in as the first user (no access to visio) and after launching visio, it will say activated and licensed to the last logged on user that has entitlement to visio plan 2.