Microsoft Office Remote Code Execution Vulnerability

Are the updates for the Microsoft Office for Mac currently available?
The security update for Microsoft Office 2019 for Mac and Microsoft Office LTSC for Mac 2021 are not immediately available. The updates will be released as soon as possible, and when they are available, customers will be notified via a revision to this CVE information.

According to the CVSS metric, the attack vector is local (AV:L). Why does the CVE title indicate that this is a remote code execution?
The word Remote in the title refers to the location of the attacker. This type of exploit is sometimes referred to as Arbitrary Code Execution (ACE). The attack itself is carried out locally.
For example, when the score indicates that the Attack Vector is Local and User Interaction is Required, this could describe an exploit in which an attacker, through social engineering, convinces a victim to download and open a specially crafted file from a website which leads to a local attack on their computer.

According to the CVSS metric, successful exploitation of this vulnerability could lead to total loss of confidentiality (C:H), integrity (I:H), and availability (A:H). What does that mean for this vulnerability?
An attacker who successfully exploits this vulnerability could perform a remote attack that could enable access to the victim's information and the ability to alter information. Successful exploitation could also potentially cause downtime for the targeted environment.

Security updates
https — https://docs.microsoft.com/en-us/officeupdates/microsoft365-apps-security-updates
16.76.23081101 — https://go.microsoft.com/fwlink/p/?linkid=831049
16.0.10401.20022 — https://support.microsoft.com/help/5002435