The fact that the same file can be created and saved successfully, then consistently hangs Word/Excel when reopened, is a useful clue: I’d suspect the failure is occurring during document parsing or while Office is resolving something associated with that document, rather than a generic Office launch problem.
On macOS, Office files can trigger access to security-scoped file URLs, sandbox/container data, fonts, linked content, cloud-provider extensions, and Office’s own recovery/cache state during the open operation; a damaged document-specific relationship, embedded object, font, or stale OneDrive/Office container entry can therefore make one file reproduce the hang while other files open normally.
Since the web version can open the affected files, I’d first test whether the local Office environment is the problem by downloading one of those files from the web interface as a fresh copy to a completely local folder such as ~/Desktop and opening that, rather than opening the original from OneDrive/iCloud/Downloads.
If the fresh local copy still hangs, duplicate the file and test it with Word/Excel launched in macOS Safe Mode or with third-party font loading eliminated... if it opens there, you’re looking at an interaction with a local service/extension/font rather than document corruption.
If only particular files reproduce it regardless of location, I’d inspect those documents for embedded objects, external links, unusual fonts, or workbook-level corruption.
The most useful diagnostic at that point is actually Console/Unified Logging while reproducing the hang, looking for Microsoft Word, Microsoft Excel, OfficeFileCache, OneDrive, sandbox, security-scoped, or font-related errors... that will tell you whether Office is stuck in document parsing, file-provider access, or macOS sandbox/file coordination rather than simply assuming Tahoe itself is broken.