According to the documentation of the Project Element at https://learn.microsoft.com/en-us/visualstudio/msbuild/project-element-msbuild?view=vs-2022 ToolsVersion is an optional attribute that refers to "The version of the Toolset MSBuild uses to determine the values for $(MSBuildBinPath) and $(MSBuildToolsPath)". Drilling down further into the documentation of MSBuild Reserved and Well-known properties at https://learn.microsoft.com/en-us/visualstudio/msbuild/msbuild-reserved-and-well-known-properties?view=vs-2022 $(MSBuildBinPath) is for "The absolute path of the folder where the MSBuild binaries that are currently being used are located (for example, C:\Windows\Microsoft.Net\Framework\<versionNumber>). This property is useful if you have to refer to files in the MSBuild directory." and $(MSBuildToolsPath) is for "The installation path of the MSBuild version that's associated with the value of MSBuildToolsVersion."
So my understanding from this documentation is that ToolsVersion is not related to the C/C++ runtime.