My organization was experiencing an issue with Excel not running Macros from Trusted network locations.
Previously the macros would execute but an Office update broke it.
After investigation we found that Excel previously would check the absolute location of the file.
But after the office update it was now looking at the relative location of the file.
We had mapped network drives, and adding the local drive letter to the trust center trusted locations fixed it.
Example:
Previously we had \contoso.org\foldername in Trusted locations
\contoso.org\foldername is mapped locally on workstations as T:\
Users would open excel files from their T drive and macros would run.
After the Office Update to Version 2306 Build 16.0.16529.20226 Macros would no longer run and would give an error that they were blocked by policy.
We then added T:\ to the Trusted Locations and macros once again worked.