Not having issues with launching Excel, but with excel ignoring the system list delimiter when opening csv (it defaults to comma, whereas I have a semicolon set in system settings).
In general, I use read csv and set the desired separator there, so not sure if this is an update issue or has always been the case.
But yesterday started working on a process where I need to import large csv and reading from csv eats up 8GB of ram, haha.
So instead of using Lunch Excel action, I use the dos command to launch Excel with a file as a parameter, then as others have suggested here, I use attach to excel using the file name. Excel opened this way honours the system list separator (and consumes less than 1GB of memory to open the same csv).