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?
Correct, it is going away as of October this year.
Publisher is the equivalent of InDesign. It was meant for brochures and so on. If you want to write a long technical manual today most people use Word. In that respect we are using less powerful software today than our grandparents.
Note: Adobe bought FrameMaker and continues to sell FrameMaker. But Word has captured the market not because of its technical merit but because of bundling.