Wow. Talk about misleading. I just hit this problem as well. The upgrade process from a standalone license (Vegas Pro 14) did not specify that there was a separate 365 subscription version. Furthermore, it presented the 365 subscription features as what you would get in upgrading a standalone license. Had I known, I would have bought the subscription. Instead, I didn't even know there WAS a 365 subscription license until I found this post.
Now I'm finding it nearly impossible to speak to someone in sales who can convert my license. If you call the phone number listed on the web site, it says the number is no longer in service. There is no support web form that I can find in any reasonable way or a way through your account to create a ticket. I did finally see an active chat and got someone that way. That person created a ticket for me. This obscure support method has me pretty nervous about the future of this company.
That's not likely to generate loyalty or get new customers. I've been using this software since before it was called Vegas and before Sony bought it. I dearly want to move off of Windoze -- this software is the last piece holding me there. Even Adobe has Photoshop and Lightroom on Macs. But that's a different topic. None the less, if I'm not seeing value in this product and there's no real support, I might as well bite the bullet and learn a different video editor. So I guess we shall see. In the mean time, I'm stuck because I need video content to use, and I cannot even access the library to see what is available. I have no idea how long it will take to get a response.