Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
For macOS Monterey 12, Microsoft 365 is no longer supported for current updates.
The August 2024 release, version 16.88, was the final Office build supporting Monterey. An existing installation may continue to work, but it will not receive security updates, fixes, or new features. Current Microsoft 365 and Office 2024 installations require macOS Sonoma 14 or later.
You will need to uninstall it. And install the downgraded version (16.88) here: https://officecdn.microsoft.com/pr/C1297A47-86C4-4C1F-97FA-950631F94777/MacAutoupdate/Microsoft_365_and_Office_16.88.24081116_Installer.pkg?apid=ets