Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
An update:
Based on advice given to the OP in the Fabric community forum, I've tried a full uninstall and reinstall of Office and can confirm that this did not solve my issue.
I've also checked that I have no active addins.
I've also tried creating a new workbook and creating a new Microsoft Query, but the moment I try to edit external data properties, Excel still crashes.
Since there do not seem to be widespread complaints about Excel crashing under the above mentioned circumstances, I have to assume for now that the issue lies with something corrupted on my operating system rather than this being a bug introduced by December's Windows or Office updates.
However, I'll keep an eye on any new posts responding to the OP's query on the Fabric community forum.