Linux

Any distro.

Use a Windows VM for things that are unavailable or don't work well as a web app. The absolute easiest way to run a Windows VM is VMware Player especially if you use a stable OS like Debian or Ubuntu LTS. The built-in KVM hypervisor works fine too but it requires more work to setup a Windows VM with all the drivers, shared folder, etc. And it won't have graphics acceleration of any sort. With that said I've personally migrated from VMware to KVM in anticipation that Broadcom who recently purchased VMware will turn their software to shit or start asking for more money, or both.

As most others said, pretty much any distro is fine. You have a powerhouse of a laptop, so running a Windows VM inside of KVM would pose no problem, but if you can, I'd advise to try avoiding a VM.

Teams is basically just a web app masquerading as a classic application using Electron, so you can just use Teams inside of your browser of choice with minimal features missing (the only one I noticed was green-screen, but I didn't care that much about it).

Even if you use a lot of Office, you'd be surprised at how similar LibreOffice is to MS Office. The UI is a lot worse IMO, but 99% of the features are there. Tables in Word/Writer seem to behave quite a bit differently for one which can get annoying, along with the usual problems of switching from one UI to another. As for formats, LibreOffice supports MS Office extensions. There are some differences in rendering because of what I see as MS bullshit, but it's limited to padding, font size, etc. (and missing fonts), but if your teachers are open to it you can easily send them the original as well as a PDF reference just in case.

I didn't use Office web apps for a few years now, but when I did they were missing a lot of features (more than 80% i'd say), but others say the situation has improved, so you can try that in your browser of choice like Teams.

If you need the desktop Office apps, you maybe could use Wine or something to run them on Linux, but I don't have any experience with that so I don't know how well they behave or how the setup is.

You could easily run a VM with KVM with the specs you listed. Personally I find the installation of KVM and Windows VM creation a bit convoluted, but there are great tutorials availiable online and it's a one-time ordeal of maybe 15-45 minutes (including VM creation, depending on how fast you want to go/how familiar with the Linux command line you are), so not that bad. Utilizing virt-manager limits command line use to just the first setup of KVM. Installing the VM can be done graphically using virt-manager.

I don't know how drawing tablet passthrough compatibility in KVM is (probably great though). RedHat drivers enable shared clipboard and dragging files over between the host and VM, so even that should be quite painless if you choose to go the VM route.

Microsoft pays extra attention to Ubuntu LTS and RHEL. Not my first choices, but in particular you'll see stuff like AAD auth on Azure VPN supported on Ubuntu LTS. There will also be some work going into proper Intune support, if that matters.

I would prefer Fedora or Debian for a more stable environment, and use Arch at home, but we have to keep interoperability in mind sometimes.

Another thing to look into, and I really hate to since Broadcom bought them, but you can run Windows inside VMWare, and use unity mode to break individual windows out into your DE. Beware of the new licensing.

Linux won't give you much more privacy in your case. I would recommend storing and manipulating your personal data on a separate Linux machine and please don't store anything except what's absolutely necessary on OneDrive. Though if you can't afford a separate machine, you can run Linux to get at least some improvement. I think the only DE that has good MS cloud support is the latest version of GNOME so you need a distro with that DE. It can be Ubuntu 24.04 (or something based on it) or a rolling release. The last one may be more difficult to use in some cases but idk any other somewhat user friendly options.

Micro$oft loves Open-source... Well, .. not unless they need to support it, instead of ripper off all the open-source developers.

Basically it doesn't matter if you can use the webapps.

Mint is the best traditional noobie distro, while I would suggest Silverblue, if you just want to use a robust system that requires far less maintenance effort than a traditional distribution with limitations that may are may not affect you at all.

No distro can just do that.

Try crossover, which is said to have best Windows app support. But Microsoft is actively fighting it, on their apps.

Your school is very, very, very shitty.

I always go for Linux desktop at a job. Office 365 runs just fine in a browser. Not ideal, but MS will never give up teams to a Linux Installer again. They took down the 1 they had which wasn't great but still worked

Office 365 runs out of the box on Crossover.

See wubuntu, it has OneDrive client https://sourceforge.net/projects/windows-ubuntu/