Compatibility Mac OS Big Sur an Microsoft Office Home and Student 2016 for Mac

Yes, I'm using it now.

Do you also see this in your "Microsoft Autoupdate" status? Both pre and post upgrade to BigSur?

While I know Microsoft will not support 2016, just want to make sure that its functioning as it was prior to the upgrade. Could you please confirm that?

It should, so long as you have applied all of the available updates from Microsoft.