Microsoft has released the January 2021 non-security Microsoft Office updates with fixes for known issues impacting Windows Installer editions of Office 2016 products. The updates only apply to perpetual versions of Office using Microsoft Installer (.msi)-based installers and do not apply to Microsoft 365 Apps. KB4493166 update addresses an issue causing users to experience recurrent crashes while using Outlook 2016. The update also fixes issues blocking justification texts when overriding a policy and causing the headers of Chinese messages to become unreadable when forwarding emails.
Source: https://www.bleepingcomputer.com/news/microsoft/microsoft-office-january-updates-fix-outlook-crash-issues/