Actually, it looks as if KB4462157 hasn't replaced KB4461614.
Although when I first installed KB4462157, KB4461614 seemed to vanish from my hidden updates list on MS Update as I expected, it then came back again and still said I'd hidden an important update.
I noticed on the KB4462157 KB page that it says "Fix: After KB 4461614 is applied, Access 2010 and Excel 2010 stop working."
I therefore tried reinstalling both of them, but the problem was still there, they give different error messages, and you get the KB4462157 one until you uninstall it, and it's then replaced by the original KB4461614 error message.
Both updates do replace MSO.DLL it appears, but I guess they're just two different versions which are both incompatible with XP in different ways!
Strange that having KB4462157 installed doesn't seem to override KB4461614 though.