Late recently, Microsoft released completely new Office 2016 patch, KB 4011093. Around the KB article, it fixes a bug in the Aug. 1 Office 2016 non-security patch KB 4011051, which left hyperlinks in Excel 2016 non-functional.

You'll find it fixes two additional bugs:

For the 32-bit version of Outlook 2016, Office Store redirects consumers to the web store in lieu of opening the in-client store.
Editing languages and Help languages might be changed unexpectedly. As one example, a display language might possibly be missing with the editing languages list in case you have not took it off.

There's no need to install this patch in the patch, unless you're problems with hyperlinks in Excel 2016 spreadsheets. KB 4011093 are not likely to go out via Windows Update. Verify the KB article for manual download and installation instructions.