Dear LJRSM,
Welcome to Microsoft Community.
We understand that after you update Word, word is showing a delay on your Mac.
Seeing that you indicated that you recently installed an update and then it appears that your Word program is delayed.
You indicated that you have reinstalled Word and tried to open the file by moving it out of OneDrive, but it still doesn't work.
issue, which may be due to compatibility information between Word and your system not being able to detect and run properly after updating Word on Mac.
We are concerned that the compatibility information is due to the Word update. To help you further confirm if the problem is due to Word loading information, we recommend that you try to roll back your version of Word first, and then see if you can reload or view the file information.
You can try the following actions to help you roll back your version of Word on your Mac to see if it alleviates the problem:
Rolling back requires reinstalling your Word program, and you need to back up your files first to avoid affecting your files during the operation and causing them to be lost.
And you can directly move your Word program to the “Wastebasket”, easy to wake up to delete and uninstall Word program information.
Once the uninstallation is complete, you can refer to the update history in the link below to download the previous version of Word and reinstall to see if it works:
Update history for Office for Mac - Office release notes | Microsoft Learn

You can try downloading version 16.84 or 16.81 or older to see if it works.
If it still doesn't work after you rollback the version, you can reply to us, and we will further help you to investigate the cause of the problem.
We look forward to your response.
Thanks for your patience and understanding.
Best Regards,
Zenobia.Z | Microsoft Community Support Specialist