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Everything that you can do in the 2013 version you can do in the 365 version, relax.
There are a couple of useful formulas and features in the 365 version tho
Maxifs, ministro, unique, Xlookup, Ifs (finally nested IF)
These are the ones in top of my head
Apparently xlookup is better than Index Match, but I still haven’t had a chance to use it because I’m worried about compatibility for clients.
Maxifs, ministro, unique, Xlookup, Ifs (finally nested IF)
These are the ones in top of my head
You have dynamic arrays formula that are really convenient in office 365 have a look at them they do in one step what would normally take extra ones. There is a good course from Leila Gharani on this surely you have access with some of your firm knowledge.
Filter, unique ...
If you were already used to index match match or these kind of combinations the new x lookup will not change much for you