Sorry for the inconvenience.
Are you using Office for Mac?
The version number "16.56.21121100" is the one released on December 14, 2021.
This issue seems to be related to the Office updates.
Currently, I would suggest you rollback to 16.55.
Please turn off the automatic update of Office for Mac temporarily, then uninstall Office for Mac, install 16.55 from the link above.
For more, please refer to the similar thread "MacOS: Microsoft Word not displaying pasted Microsoft Excel Worksheet Objects".
Thanks for your understanding.
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