Some of the skepticism around here might be a bit outdated. I tried Teams about 4 years ago and found it bad; I was recently forced to use it again and now the experience is fairly pleasant overall. I don't understand why they split "Chats" from Channels though - or rather I have suspicions about causes, I just think the better way forward (from an UX perspective) would have been to keep everything in Channels.
I think it’s to allow companies to enforce official communication channels. Channels are official, chats are unofficial. I think it works but they should be on the same pane. I forget to check channels for days sometimes.