Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Please uninstall your Office apps. To uninstall, you move all Office apps, like Word, Excel, PowerPoint, Outlook, Teams to trash bin.
Then install this latest version: https://res.public.onecdn.static.microsoft/mro1cdnstorage/C1297A47-86C4-4C1F-97FA-950631F94777/MacAutoupdate/Microsoft_365_and_Office_16.114.26102720_BusinessPro_Installer.pkg
See if it works.