
We should not confuse "End of Support" with "End of Life".
From the Office End Of Support Blog [emphasis added]:
Support ends for Office 2016 on October 14, 2025 for Office 2016 and Office 2019 suites, standalone applications, and servers (see the full list of impacted products below). After that date, Microsoft will no longer provide security fixes, bug fixes, or technical support for these products. Continuing to use software after end of support can leave your organization vulnerable to potential security threats, productivity losses, and compliance issues.
The implication would be that Microsoft Access Database Engine 2016 Redistributable (64-bit) will also go out of support at that time.
However, your currently installed version will continue to work, as is, without the benefit of security fixes, bug fixes or technical support.
I.e. it is not end of life; it is end of support. Two different statuses.
The question remains, of course, about whether you should replace your existing software before that occurs. That's up to you and your organization's management. If you need to replace unsupported components, such as this one, you'll need to figure out how to do that with currently supported components.
Given that we don't have insight into how your organization uses Microsoft Access Database Engine 2016 Redistributable (64-bit) at this time, we'd need more details to offer suggestions about doing so.