Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Just fascinating. For another data point (or two), I did exactly the same updates as you on two desktop (11 year old, i7)) machines both running W10 Pro and MS 365. Other than Windows Defender I have no other security software (nor anything unusual installed). Both machines connect via ethernet to a router which, in turn, connects to an ONT. I have changed nothing in my HW setup in a long, long time.
I have a 12 y.o. desktop machine (i5-3450), 16GB RAM, Win 10 Pro and Office 2021 Pro Plus, no security software othen than Windows Defender, the machine is connected via ethernet to a router that connects to the internet using FTTC (Fiber to the Cabinet) technology (copper to the cabinet, then fiber). I am Italian so I'm using win and office in Italian language, This is the "You're up to date" message (in Italian = "Il sistema è aggiornato").