LO for spreadsheets, draw and presentations (although up to last week, I was professionally tied to Powerpoint -- good riddance!), and for smaller text documents.
For anything needing multiple figures/equations/references, and for things which take some time to put together or are written collaboratively, it's LaTeX all the way -- it just handles the references better, it knows what vector graphics are, and you can put it in a repository and trace changes.
Formatting: Most people using MS word no nothing about templates, and MS doesn't make it easy to use them. After using TeX for a few months, OpenOffice 1.0 came out, I had Templates worked out in no time, and since then I have to try hard not to shout at people anytime they format fonts or paragraphs by hand.
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