Hi @Anonymous ,
Sure! I created this quick example to show you how does it work. About the license, you can get the free trial (it is 90 days, if I'm not wrong) to test if this approach works for you before buy it.
Here is the overview of the Word template: this is a simple document with to fields to be filled (name and address). The placeholders were generated by the developer tab in Word as 'Plain Text control fields', but I believe that the you can use the 'quick parts' instead:

The list is also very simple, containing only two fields (name and address):

This flow contains only 3 steps: the trigger ('When an item is created or modified in a SP List'), the Template filling and the creation of a document with the populated template. You use case is more complex than this, so you may need some adjustments in this logic for include it in your flow:

The fields in the 'Populate a MS Word template' action are automatically pulled from the file that I selected, and you can insert as many custom fields as you need. Also, in 'Create file' action, make sure to add the extension .docx in the file name.
The final result will looks like this:

Let me know if it works for you or if you need any additional help!