Briefly for information.
Version 2408 16.0.17928.20066 is available on the release channel and the manuel update worked well so far now (at least for me). Release notes are following...
You can also update Office by using the following well known command line:
"C:\Program Files\Common Files\microsoft shared\ClickToRun\officec2rclient.exe" /update user updatetoversion=16.0.17928.20066
First, and foremost, thank you for this info. I can't say it will work for everyone (but, I do hope it does)...but, it definitely worked for me.
To everyone else, honestly, if you haven't tried this, please, do give it a try. But, before doing so, I'd like to suggest an extra step. First, run Windows Update, and make certain all currently-available updates for Windows have been installed. The reason for this is, sometimes, certain Office updates require certain Windows updates to have already been installed. If those updates aren't installed, Office can't/won't install updates. Personally, anytime I am prepping to check for non-Windows updates (ie. Office, Nvidia graphics, HP printer, etc), I ALWAYS check/install Windows updates first.
Next, copy the command line provided by Uwe Ruch, and then type cmd in the Windows search bar. In what appears, where it says "Command Prompt", right-click the mouse, and select "Run as administrator". In the command prompt window, paste the command line that Uwe Ruch provided, and the Office Updater window should appear. After it completes (it took about 5 minutes on my Dell XPS laptop), do NOT 'restart' your computer. Instead, completely shut it down, and then boot it back up. After completing these steps, I opened MS Word, clicked 'Account', clicked 'Update Options', and then clicked 'Update Now'...and, for the first time in almost two months, MS Office Professional Plus 2021 FINALLY did a proper/correct update check, after which it reported back "You're up to date!". As of right now, Office is indicating Office Professional Plus 2021 Version 2408 (Build 17928.20066 Click-to-Run).
Now...we wait until Microsquish pushes out the next Office update...and, after it completes, we'll see whether we're still getting the "You're up to date!" message, or whether we're back to getting the "error" message.