Office 365 is just a name for whichever subscription edition of the current Office version is on offer. Thus the current Office 365 is just the subscription edition of Office 2016. As such, in all material respects they use the same version of Outlook. Uninstalling Office 2016 then reinstalling Office 365 (or vice-versa) should allow you to continue using Outlook as before.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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