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Hello Senechkin Senya,
Thank you for providing the detailed testing and version information.
Based on what you described, this does closely resemble the Excel 2016 paste issue that Microsoft previously documented, particularly since the affected workbooks contain conditional formatting and Paste Special > Values continues to work.
Microsoft confirmed that KB5002665 fixes an Excel 2016 issue where certain paste operations could fail silently. Microsoft also notes that an earlier version of KB5002665 could still experience the problem when a workbook contains conditional formatting, and recommends installing the latest version of KB5002665 for the complete fix.
You can find the official information here:
September 16, 2026, update for Excel 2016 (KB5002665)
Since you are using the 64-bit MSI edition of Office 2016, I suggest downloading the current 64-bit KB5002665 package directly from the Microsoft Download Center link provided on that page, installing it, restarting Windows, and then testing the affected workbooks again.
The message that KB5002665 is already installed by itself does not resolve whether your installation contains the revised files described by Microsoft, so the file information provided in the KB article can also be used to compare the installed Excel files with those included in the current package.
For the time being, Paste Special is the Microsoft-documented workaround for the earlier version of this issue.
Regarding KB5002934 specifically, its current Microsoft Support article does not document this copy/paste behavior as a known issue, so I would be cautious about concluding that KB5002934 has definitely introduced a regression or recommending removal of the security update.
If the current KB5002665 package is already installed and the issue still occurs, especially with Excel version 16.0.5574.1004, I recommend reporting the behavior through Excel > Help > Feedback > Report a Problem and including the Excel version, installed KB numbers, and the fact that the issue returned after the October updates. This will allow the Excel team to investigate it as a possible regression.
Also please note that Office 2016 reached the end of support on October 14, 2025. This does not by itself convert a valid one-time-purchase license into a subscription, but Office 2016 no longer receives regular security updates or technical support.
Feel free reply back to this post if you need further assistance, I'll be happy to help.