Here's a screenshot of FrameMaker I just took: https://imgur.com/a/CG8kZk8
Look at the fancy page layout that was possible in the late 1980s. Can Word do this today?
I think Publisher would be the equivalent to FrameMaker from the Office suite. Publisher from Office ~2016 could definitely do that.
Unfortunately I think Publisher has faired even worse than Word in terms of stagnation, and now looks to be discontinued?
Yes, Word could do that, but it wouldn't be pleasant to set up or maintain or print (it would re-flow, badly every time one changes print drivers), moreover, there are only two states for long Word documents which include graphics in my experience: corrupt, and not-yet corrupt.