A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
Yes, that is certainly a strong possibility, but I think we'd be seeing hundreds of questions about it if that were the case. I'm leaning toward something specific to your Mac as the cause for now.
Let's try another quick test. Make a new user in Mac OS System Settings and switch to that user account. Then test PowerPoint. Is it the same or all better?
Another test is to try a different version of PowerPoint. Because you have a subscription, you are eligible to try the beta builds. If you install a beta channel build, it will completely reinstall Office and eliminate any chances for installation issues. Plus you might discover some new features being tested. However, I'm just interested in getting you onto a different, newer build for testing. If the problem persists, feedback submitted via Menu Bar > Help > Feedback > Report a Problem in the beta channel build goes directly to the PowerPoint product manger where I know it will be read.