Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
There was an update in July that may be causing this problem, after that update, a minimum of MacOS 12 is required to use the Office apps on an Apple Mac device, if you are unable to update your MacOS version to 12 or higher, your Office apps would go into read-only mode, on this link they provide full details on that update.
1
What version of Microsoft Office do you have, is that a subscription to Microsoft 365 or a standalone version of Office like Office 2019, 2021 or 2024.
2
At the top left of your Mac desktop, click the Apple icon and select 'About this Mac', what version of MacOS is installed on your computer?