Linked SharePoint metadata columns can't be edited in version 16.0.7167.2040+ of Office client applications

Update:

**This issue is now resolved, in build 16.0.7369.2054.

Issue:

Managed metadata SharePoint document properties can not be edited in the rich client Office applications starting in build 16.0.7167.2040, this is a defect and not by design.

Screen shot of working (prior to 7167)

Not working (7167+)

Workarounds:

Roll back the Office 2016 client to a version prior to 7167 or edit the properties with the SharePoint UI.

Current Status:

The product group is actively working on this issue right now, check back to this blog post for updates.