Spreadsheet with VBA opening from Windows Explorer errors "We found a problem with some content..."

SYMPTOMS: XLSM file. If you close Excel, open Excel, then use the File menu to browse and open the file then it works. If you try to open the file by double clicking in Windows Explorer (Excel is not open already) then it gives an error "We found a problem with some content in [nameoffile]. Do you want us to try to recover as much as we can?..". If Excel is open first and then double click the file using Windows Explorer then it gives the error again. If you then attempt to open the same file using the File menu in Excel it will not work (same error) unless you close and reopen Excel (like Excel has been poisoned). It works fine in Excel 2019, but anything newer does not. If you let Excel try to "recover" then it deletes the macros, "Removed Part: /xl/vbaProject.bin part. (Visual Basic for Applications (VBA))".

I've tried opening the file in an old version > Save As, the new file gives the same results.

I've tried opening the file on several other computers, all behave the same.

I've tried opening the file in LibreOffice and Save As.

I've tried "Open and Repair".

Disabling calculations doesn't help.

Opening the file from Excel's File menu, and then Save As doesn't help.

Any suggestions to make this file work when just double clicking in Windows Explorer are appreciated!