Unsupported Formula on Mac for one user but not others

I have an employee whose Mac is treating the following as an unsupported formula:

The proper formula is this:

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What he sees when he opens the file is this:

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His OS and Excel versions are up to date, and other employees with Macs using the exact same file do not have this problem. There has to be some environmental variable, and the only one I can find is that his version of Excel for Mac is a Retail License whereas the others have the 365 License. Could that possibly be the reason?

macOS Big Sur version 15.6.2, released 9/13/21
Excel for Mac version 16.53 (21091200), released 9/14/21

Great! I didn't want to waste my time changing the license if I wasn't sure it would help, so thank you.