Power Query is included in all versions of Excel sold via an Office 365 license, but this does not mean that you will have access to all Power Query features. While all transformation features exist, what you may be missing is some of the more "Business Focused" data sources like Exchange and SQL Server. These sources are only available with a Professional Plus Office365 product. (More information about which features are included in each version is available in this article from Microsoft.) Please be aware that lacking a certain connector only means that you cannot create a new query against that data source. Our understanding is that it does not prevent you from refreshing a query that was authored in another PC (as long as you have access to the data source with the correct credentials).

Power Pivot is also included in all versions of Office 365 but the User Interface (UI) to build new Power Pivot models is only available with a license that includes Office Professional Plus (ProPlus or Enterprise subscriptions). Home, Business or Premium licenses do NOT have the Power Pivot UI. Similar to Power Query, Power Pivot models built on other PCs will refresh in a Home or Business edition, but you will not be able to build new models.

Power BI desktop is a free download from Microsoft, so you can install that alongside any Office 365 version and have access to all of the features.