Lab validation for IT Pros can create a lot of frustration because you're trying to validate a change in a compressed timeframe, like 30 minutes. Deploy GPO, gpupdate, software update evaluation cycle, reboot etc. and then the change doesn't occur as expected. Channel changes can take up to 24 hours due to some internal timers so waiting sometimes is all you need to do understanding in production its a non-issue. Brief feedback, remove UpdatePath, that overrides the updatebranch value. Understand that when you set OfficeMgmtCom=1 a restart Office Click-to-run service is required to register COM and enable the SCCM integration.
Have confidence that the HKLM\SOFTWARE\Microsoft\Office\ClickToRun\Configuration\UpdateChannel will change but the scheduled task can take time, based on timers mentioned. Once the GPO is there, Office Click-to-run service has to be restarted, scheduled task has run to change channel every 24 hours and machine has to get SCCM machine policy, software update evaluation cycle has to run and SCCM will deliver the software updates. (so there are a number of timers likely impacting you)