I have encountered this error a few times. There are a few potential causes.
First this to check...do you have any versions of the Excel Document Open at all?
Try shutting down all instances of ArcMap and Excel and then restart ArcMap and try again opening the Excel document again. I have found that ArcMap and Excel do not like having the same spreadsheets open at the same time, so any instance of this occurring can cause issues. If this doesnt work, it may be an issue that arose from the switch in Excel Versions a few years ago.
A solution I have used is found on this website: https://community.esri.com/thread/183010-after-windows-10-upgrade-attempting-to-use-an-excel-file-xlsx-file-crashes-arcmap
The link on the site points to a Microsoft Fix for installing components from Office 2007, which seem to have not made the cut in the change in versions.
Try installing the fix and you should be back in business.