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Hi Narciso,
Greatly appreciate your information. The silent paste issue was previously documented for Excel 2016 MSI after KB5002914, and Microsoft released KB5002665 on September 16 to address that issue.
KB5002934 is the October 13, 2026 security update for Excel 2016 MSI, and Microsoft documents it as replacing KB5002914. However, the currently published documentation, Description of the security update for Excel 2016: October 13, 2026 (KB5002934) | Microsoft Support, does not confirm that KB5002934 reintroduced the paste issue or that it omitted the fix from KB5002665. Since the issue began immediately after installing KB5002934 and normal functionality returned after removing it, the results provide strong evidence of a possible regression.
Therefore, I highly recommend reporting this issue to Microsoft as a suspected regression associated with KB5002934 through Excel > Help > Feedback > Report a problem. If you're using a work/school account, please ask your IT administrator to use the Report an issue option in the Microsoft 365 Admin Center > Health > Service Health to help raise visibility and provide additional diagnostic information to Microsoft. This allows them to review and acknowledge the issue, which can help prioritize a fix as soon as possible.
I will also continue to monitor the situation and keep you informed of any new information as it becomes available.