How can I preserve links between Word and Excel files across multiple computers?

I have a Word file with linked images from several Excel files. All the files are in the same folder on a cloud drive.

As long as I’m on the computer where I created the links, they seem to behave as expected, e.g. I can right-click and update them with the current Excel content.

When I open the same Word file on another computer, the links are gone and they act like static images.

To be clear, I am not moving or copying any files, just opening the same file in the same folder. There’s no error message or any other hint of what the issue is. This is Office 365 on both computers. Windows 11 on the first one and Windows 10 on the second one.

Any suggestions on how to resolve this so that the links can be updated from different computers?