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Starting *.xlsm?

That's about 5% of what the CoInitializeSecurity in TCC does. (For example, the security descriptor has all the ACE's & ACL's configured.)
Maybe so, but it leaves an inability to launch/start Office-associated file types (a chore with other apps don't seem to have a problem). My kludge fixed that and, so far, hasn't broken anything. If you'd say where TCC uses COM I'd test more. I have only tested WMI stuff and the registration dialog.

I don't know how TCC is initializing COM and COM security, but it seems to have a problem when it comes to files associated with Office 2019/store. And initializing differently doesn't have such a problem. It's as simple as that.
I really do think that setting an environment variable would be both easier and safer....
TCC uses COM in at least a couple of dozen places, and is both a COM client and a COM server.

I tried Office 2019 here and cannot duplicate your problem.
Store version? Do you have associations that look like this (below)?

v:\> regdir /v /d hkcr\.xlsm
    AppXdns5t4sbkxjyz6eb2qq4r5mj353pd9gy : REG_NONE :

v:\> regdir /v /d hkcr\AppXdns5t4sbkxjyz6eb2qq4r5mj353pd9gy\Shell\open
  AppUserModelID : REG_SZ : Microsoft.Office.Desktop_8wekyb3d8bbwe!Excel
  PackageRelativeExecutable : REG_SZ : Office16\EXCEL.exe
  Parameters : REG_SZ : "%1"
  ContractId : REG_SZ : Windows.File
  DesiredInitialViewState : REG_DWORD : 0
  PackageId : REG_SZ : Microsoft.Office.Desktop.Excel_16051.12228.20364.0_x86__8wekyb3d8bbwe
    DelegateExecute : REG_SZ : {BFEC0C93-0B7D-4F2C-B09C-AFFFC4BDAE78}

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