I can't say with certainty whether it was fixed by Apple or Microsoft, but this issue is gone with my current configuration: Monterey 12.2.1 and Excel 16.67. Both were updated since I last experienced this issue.
AlFromOttawa
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True that may be more effective. But it may also be an unintended issue in Rosetta or other OS features. Can't hurt to have it looked at from both sides.