Dear Atul,
Good day!!
Apologies for the inconvenience caused and please don’t worry, let’s work together on your concern and move towards a resolution path.
I understand your concern and would like to confirm whether you are having the Product Information such as Microsoft Apps for Enterprise or Microsoft Apps for Business when you check the Account page in the Product Information of the Office apps:
Open the Office apps such as Word> Account> Under Product Information check whether it’s the name listed above.
If yes and using the latest version of the Office apps with no updates (Open any Office apps such as Word> Account> Update Options> Update Now), and if you are having the same UI as the below screenshot in the Registry Editor:

I would like to suggest you create a new key and DWORD inside the created key to check the outcome:
Step 1: Quit all Office apps> Open the Registry Editor as an administrator.
Step 2: Go to Computer\HKEY_CURRENT_USER\Software\Microsoft\Office\16.0\Common\Security > Right-click on the Security folder> New> Key> Give a name as “Labels”.
Step 3: Now go inside the Labels folder> Right-click> New> DWORD (32-bit) Value> Give a name “UseOfficeForLabelling” and set the value to 1

Step 4: Restart your PC and open the Office apps to check the outcome.
If still the same problem persists, please reset your Office apps activation state and check the outcome: Reset activation state for Microsoft 365 Apps for enterprise - Microsoft 365 Apps | Microsoft Learn (Follow the Method: Use scripts to automate the cleanup process)
After the successful reset, please restart your device and open the Office apps to check the result.
If still the same issue, please suggest you raise a support ticket from the Office 365 admin center, where the related team will collect the Fiddler logs and find out the cause of the problem.
Reference: Get support - Microsoft 365 admin | Microsoft Learn
Note: To create a support ticket, you need to have admin privileges and if you aren’t admin of your Office 365 organization, please contact the admin of creating a new ticket.
Appreciate your patience and understanding. Have a great day!!
Best Regards,
Sophia