MSFT addresses this issue in this article https://support.microsoft.com/en-us/topic/error-when-trying-to-open-an-accde-mde-file-created-in-a-different-version-of-access-f4cd36cd-549e-42ba-b75a-dfe964294a81 Looks like they expect to release a fix on August 2.
I was able to temporarily resolve the issue by rolling back to the original installation of Office 2016 and am reinstalling the updates now. If this article is correct, I should be able to remove KB5002112 to resolve the issue until the update is released.