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 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.

Is the Preview Pane an attack vector for this vulnerability?
No, the Preview Pane is not an attack vector.

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

How do I get the updated app?
The Microsoft Store will automatically update affected customers. Alternatively, customers can get the update immediately; see here for details.
It is possible for customers to disable automatic updates for the Microsoft Store. The Microsoft Store will not automatically install this update for those customers.
Customers using the Microsoft Store for Business and Microsoft Store for Education can get this update through their organizations.
App package versions 7.2401.29012.0 and later contain this update.
You can check the package version in PowerShell:
Get-AppxPackage -Name Microsoft.Microsoft3DViewer

Where can I find more information?
Please see the Microsoft Support Blog Post relating to the disablement of the ability to insert FBX (.fbx files) here: https://prod.support.services.microsoft.com/en-us/topic/9f2387f1-84ec-496a-a288-2c6f774db219

Where can I find more information regarding 3D Viewer?
Please see the Microsoft Support Blog Post relating to the disablement of the ability to insert FBX (.fbx files) in 3D Viewer here: https://prod.support.services.microsoft.com/en-us/windows/support-for-fbx-files-has-been-turned-off-in-3d-viewer-b7483e83-422c-4d65-b94d-853eb65cb134.

Security updates
7.2401.29012.0 — https://www.microsoft.com/en-us/p/3d-viewer/9nblggh42ths?activetab=pivot:overviewtab
https — https://docs.microsoft.com/en-us/officeupdates/microsoft365-apps-security-updates
16.81.24011420 — https://go.microsoft.com/fwlink/p/?linkid=831049