All the software is downloadable, whether a dongle is required or not. AI, LE and Elements do not require hardware key, Artist and Pro do.
The sole difference between academic versions and retail are the price and the eula. Academic versions are sold at a lower price, and when a paid update is purchased, such as from Cubase Pro 10 to Cubase Pro 10.5 they become full retail licenses. Academic versions are supposed to be used for non-commercial endeavors.
All other aspects are identical, and you’re correct about Windows 10.