Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
The latest Office for Mac release is version 16.111.1
Yours is quite outdated, so it may not even be possible to simply update it.
Uninstall your Office apps and reinstall.
If you subscribed via Apple, reinstall from the App Store.
If you subscribed from Microsoft, Please go to https://www.office.com
Sign into the Microsoft account you used for the subscription. Click on the 9-dot icon on the upper left > More apps.
Then on the upper right, click on "Install apps". This will now download the installer file. Once downloaded, click on the file to install. It will install the Desktop version of the apps for you then.
If for any odd reason it still won't activate after you reinstall, download the updater and run it. See if it addresses it. https://support.microsoft.com/office/office-for-mac/troubleshoot-microsoft-autoupdate-in-microsoft-365-and-office-for-mac