The EU has made it very clear for a while now that European organizations cannot rely on American clouds or SaaS-providers. It’s perfectly possible to go without - it just means a lot of IT-orgs who have relied on having a career “in Microsoft” need to update their skillset.
Just don’t make a new install with Dendrite - it’s not really supported anymore. And no automated automation for us who do have Dendrite servers …
Synapse if you plan to go large, otherwise Conduit, would be my recommendation.