I have read the news that Microsoft have release native version of Office apps for Mac Silicon.
Does anyone know whether I need to do anything to update to the native version from the universal version? Is there a way to tell which version I am running?
For me it came as normal update via AppStore. To check, just right-click on the app and get the info. -> Universal.
It should get auto-updated, whether you installed via the App Store or direct download (Microsoft includes their own updater in that case).
App Store shows that MS Word was last updated 5 days ago.
I updated via the Microsoft Updater and it became a Universal application.