The bug is known to occur in version 16.16.x and not occur in older versions like 16.12. Microsoft indicated that they are aware of the problem and working on a solution. Microsoft recommends installing an older version of Excel.
Here is the link to install a known working edition of Mac Excel if you have Office 365:
Before installing, you’ll need to drag your Excel app from the Applications folder to the trash and empty the trash. If you have a launch icon in the Dock, remove that too.
After installing, Excel will likely hang up the first time you run it. Now force quit Excel from the Finder menu. Run Excel again and it should work fine thereafter.
Disable Microsoft Auto-Update
When running an Excel workbook, users must be extremely vigilent to avoid the periodic notifications and popup requests to upgrade Excel. Otherwise, the user will unknowingly install the buggy version of Excel again. That starts a long process to restore a stable Excel environment.
Click the Check for Updates button displayed in a workbook to present the Microsoft AutoUpdate screen. Make sure the Manually Check radio button is selected.