I thought I might have solved the problem with what i describe below, but after saving and re-opening the file a few times the problem is re-appearing so back to square one I'm afraid. I hope this problem gets addressed soon. The previous text in red is based on feedback from one of my users but he may have been opening the wrong file. I've been testing a couple files that I cleaned using the method described below and they seem to be working. I also have a couple users testing them and so far, so good. However, I've only tested on a handful of computers and this fix might not work for all files. I don't consider this a permanent fix as the files could start misbehaving in the future as the code is exactly the same. Any future changes could cause the problem to re-appear. Hopefully Microsoft addresses this issue soon.
Thanks for posting the simplified rollback command. Since there don't seem to be a ton of people with this problem, I figured there must be a lot of files with the macros still working so I've been experimenting with some solutions. I've been able to get two different Excel/VBA projects working with the latest 2212 release. They're both complex files with a lot of code and forms. I got them working by exporting all the forms to frm/frx files, copying all the module, class and worksheet code into text files. Then I deleted all the modules, forms, code, etc. from the file and saving it as an .xlsx file. From there I imported all the forms, then created new modules and classes and copied the code into from the text files I had saved earlier. I also had a small amount of ThisWorkbook code and a few lines in a couple worksheets that I copied back in from text files. (The first time I tried this, I just exported and deleted the forms, modules and classes then reimported them without copying/pasting or converting the file to .xlsx but that didn't solve the problem. It wasn't until I did the rigorous cleaning described above that it solved the problem.)
After restoring all the code, I saved the file as an .xlsm. I did all the work on a computer I had rolled back and then tested the files on a computer with the update. I haven't had a chance to rigorously test them but so far so good. They open without error and all the automated functions I've run so far seem to be fine. I plan on doing some additional testing tomorrow and will post again here with whatever I discover.