Had the same thing happen and found this thread, but grabbed the relevant individual app updates from MS instead:
Provides IT Pros with information about the latest updates for Office for Mac, including links to download packages, and an update history
learn.microsoft.com
...and then MS AutoUpdate stopped with the "Upgrade Required" nonsense and just says all is up to date. Of course, we'll see if it does it again w/ the next batch of updates and/or if MS might fix this in a 4.68 release or such, prior?
This is not the first time MS AU has fallen flat on its face, by any stretch. At least a few times (2019 and 2021 versions, historically) it might update itself and never come back (scorch-earth clean reinstall MS AU needed to fix), or, it would update fine or MS AU did not even need any update, but then any actual Office app(s) would fail updating mysteriously in MS AU, and the only fix that worked was to scorch-earth clean remove MS AU, if not ALSO manually install each app from the same link, above. By then, MS AU would usually gets its half-baked act together and work for the next who-knows-how-many updates until, well, until something else happens, like this latest 4.67 failure. Bad stuff happens WAAAAAAAAY too often with MS AU, but, well, Microsoft...and why I don't use Windows (or keep it in a disposable VM as a last resort).
Good luck!