Microsoft Office Remote Code Execution Vulnerability

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 metrics, successful exploitation of this vulnerability could lead to major loss of confidentiality (C:H), integrity (I:H), and availability (A:H). What does that mean for this vulnerability?
An attacker who successfully exploited this vulnerability could gain high privileges, which include read, write, and delete functionality.

If I am running Office 2016 (32-bit edition) or Office 2016 (64-bit edition, what do I need to do to be protected from this vulnerability?
To be protected, customers running Office 2016 need to install all the updates listed for their edition in the following tables.
Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002537: 5002537, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002467: 5002467, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002522: 5002522, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002469: 5002469, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002519: 5002519, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001
Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002537: 5002537, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002467: 5002467, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002522: 5002522, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002469: 5002469, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002519: 5002519, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001

Security updates
https — https://docs.microsoft.com/en-us/officeupdates/microsoft365-apps-security-updates
16.0.5435.1000 — https://support.microsoft.com/help/5002536
16.0.5435.1001 — https://support.microsoft.com/help/5002537
16.0.5435.1001 — https://support.microsoft.com/help/5002467
16.0.5435.1001 — https://support.microsoft.com/help/5002522
16.0.5435.1001 — https://support.microsoft.com/help/5002469
16.0.5435.1000 — https://support.microsoft.com/help/5002495
16.0.5435.1000 — https://support.microsoft.com/help/5002491
16.0.5435.1000 — https://support.microsoft.com/help/5002542
16.0.5435.1000 — https://support.microsoft.com/help/5002492
16.0.5435.1000 — https://support.microsoft.com/help/5002181