I have encountered the same problem and was able to troubleshoot with a MacBook that had not been updated. Sequence of events were we upgraded to OneDrive 26.095.1519.0003 and had no issues. We then upgraded to MacOS 26.5.1 and had no issues. We then upgraded Office which put Excel at 16.109.3 and this caused the problem and was replicable. We were previously at 16.109.1 with no issues.
This is a MS problem.