By running , you close these specific holes. However, understand that Microsoft stopped issuing security patches for Office 2011 in October 2017 . Any vulnerability discovered after 2017 remains unpatched.
It was designed specifically for Intel-based Macs running OS X 10.5.8 through 10.7 (and up to 10.14). microsoft office for mac os x lion 1075 updated
Treat your Lion installation like a time capsule. Keep it offline when possible, use a modern machine for internet-connected work, and rely on Office 14.7.7 for pure, distraction-free document creation. It works. It is stable. And it is the last official handshake between Microsoft and Apple’s Lion. By running , you close these specific holes