In my opinion yes, that is a big part of it. Element has chat, file sharing, spaces, accounts, E2EE video and audio calls, solid mobile and desktop experience, and more. But an Office365-style native file storage, calendar integration, document cloud, enterprise identity and access management, etc. is neither part of the Element product nor the Matrix standard. There are decent integrations with other tools, but assembling a complete office suit is ultimately something you need to do yourself. openDesk provides a decent set of pre-integated European open source office tooling though , of which Element is also a part I think.

Edit: https://www.opendesk.eu/de/produkt