How many devices can be used with Office 365 Family?

Hi Lenise, thanks for coming into the forums. I'm also a user like you and will happily help you to the best of my knowledge. Yes, that is correct. Office 365 can be shared with up to 5 users plus you. Each person can use on up to five devices simultaneously total of 30 installations. It works on PC, Mac, iPhone, iPad, and Android phones and tablets. Each will get 1TB of cloud storage. If you require any further information, please don’t hesitate to get in contact. I will be more than happy to assist you further. Kind Regards Myk Give back to the community. Help the next person who has this issue by indicating of this reply solved your problem.

There is no restriction on device type? Can a single user install on 2 windows laptop?

Each user can install Office on all of their devices, but only up to five devices can be used simultaneously. If you are signed in on "too many" devices, some of them will become unlicensed. See https://support.microsoft.com/en-gb/office/what-happens-if-i-add-another-microsoft-365-for-home-subscription-to-my-account-e53bde8b-ff38-414c-b2c3-63173a0668e0.