Windows accounts for 12% of their profits, and I'm willing to bet that the consumer versions are a very small part of that. Most businesses are not buying OEM licenses. They are already using a subscription model for M365 which includes Windows licenses or a standard EA or SA agreement.

They learned after the Windows Phone that they don't need to win the client OS battle as long as they can get their other products on the devices. Since then Windows has really focused more on keeping you locked into the Microsoft ecosystem versus keeping locked into Windows itself. Hence why the upgrades have all been free where in the past you would have to repurchase each new edition of Windows.

Of course I could be completely wrong. They have done some bonkers stuff in the past.