I think Microsoft changed their mind again. They released an Excel 2016 non-security update 1st Tuesday in November, KB5002934. EDIT: Weird enough, in the Catalog it appears as Security Update, while in WUMT is simply "Update for Microsoft Excel 2016 (KB5002934) 64-Bit Edition". Nevertheless, it was released 1st Tuesday. EDIT2: It is an update to a previously released security update.
They even didn't bother to change themajor version or download links btw, they released newer version of previous update KB5002914 which include the fix, then it took it down, then they forget to include the fix in KB5002914, then they remembered