HERE IS A WORK-AROUND
From the event viewer crash data, the error appears to be in ACEES.DLL. I replaced my 4/8/2024 copy of this file with one I pulled from another PC where ACEES.DLL has a modified date of 3/8/2024. The InStr() crash does not happen anymore!
More specifically, in folder
C:\Program Files\Microsoft Office\root\vfs\ProgramFilesCommonX64\Microsoft Shared\Office16
I renamed the newer (buggy) version:

and copied this older version into the same folder

Problem solved, at least for now.
Maybe the admins can post a copy of the older DLL for others to download. I'd do it myself, but I expect the moderators would (should!) take it down.
From the lack of complaints, I surmise that this is not a widespread issue. I'm content with the work-around for now, and leave it with the MS team to decide if fixing the bug is worth their time.
Thank you all!