A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data
Have you tried restarting the Mac?
Is your Office software MS365 Subscription or Office 2024?
However, Cut/Copy/Paste operations are owned by the OS. You haven't indicated which specific release of macOS you're using but make sure it is fully updated. The versions currently supported by Apple are:
Tahoe – 26.5.2
Sequoia – 15.7.7
Sonoma – 14,8.7
If you happen to be using the Golden Gate beta you need to contact Apple using the channels provided for those willing to put their systems at risk. Microsoft should be notified as well using Help> Feedback in the Excel menu bar.