I ran into the same problem too. I was able to open PDFs. So I had to un-install KB4054518 to resolve my problem. This was of course after trying to repair office, which did not work, then tried re-installing Office on another system, again, did not work. Removing the KB was the only fix so far.
Hopefully a fix will come soon.
OS Win 7 Pro
Office 2010 Pro and 2016 Pro