If it is a genuine retail key, it should activate again. If it doesn't activate automatically via internet, call Microsoft to do it manually by phone. If you need to buy a new key, Microsoft will guide you through Microsoft Store to do so.
Samsung SSD 850 EVO 250GB SATA Device (250 GB, SATA-III)
Internet Speed
VDSL 50 Mbps
Browser
MICROSOFT EDGE
Antivirus
WINDOWS DEFENDER
Other Info
Legacy MBR installation, no TPM, no Secure Boot, no WDDM 2.0 graphics drivers, no SSE4.2, cannot get more unsupported ;) This is only my test laptop. I had installed Windows 11 here before upgrading my main PC. For my main PC I use everyday see my 2nd system specs.
After repeated calls to the published support number, I finally managed to get a human being on the line. It was a bit like one of the old, text-based adventure games. By trial and error, I had to figure out what to say to the AI (Artificial Idiot) at each point to get to the next level. After a long wait in the queue, the human who answered quickly resolved the problem by re-entering my 25-character key. He also provided the following information that may be useful to others:
The problem was indeed caused by the update to 24H2 and is known to Microsoft. It occurs when the update occurs too late. My PC was updated at the end of June, but it should have been updated 8 months earlier.
The key I have (an OEM single license) can be re-entered up to 50 times, as long as the HW hasn't changed. Some sellers sell volume license keys, for which other rules apply.
In the case of the physical media I received, linking the license to a Microsoft account is useless. The linkage is only relevant for a digital license (generally bought online directly from Microsoft while logged into the MS account).