I am using the same subscription as you. It could be your IT disabled that feature using policy due to some reason.
You may use that feature on Excel web.
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Hello, I am missing the "insert data from picture" button and it does not appear in the data sources tab either. How do I add it? I am using excel Microsoft® Excel® for Microsoft 365 MSO (Version 2208 Build 16.0.15601.20676) 32-bit on windows 11 enterprise edition
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I have the same issue. There's no "From Picture" option in my Excel, which is an Enterprise version. Could it be that our IT admin disabled it?
Connected experiences in Office - Deploy Office | Microsoft Learn
Connected experiences can be disabled from admin side. You may check it from IT.
But the web-based version of Excel worked just fine. Thanks for the tip.