You may want to hide the update as it does not seem available anymore.

Steps:

1. Dowload Microsoft tool 'Show or Hide Updates' (it seems the executable is not signed properly by Microsoft, your browser will ring the alarm bell).
2. Scan the dowloaded executable using Microsoft Defender to make sure it does not contain malware.
3. Run the tool and hide KB5034441.
4. Run Windows Update again. It now should say that you are 'up to date'.

Tool can be downloaded:

https://download.microsoft.com/download/f/2/2/f22d5fdb-59cd-4275-8c95-1be17bf70b21/wushowhide.diagcab

You may want to hide the update as it does not seem available anymore.

I would not recommend hiding the update if you have encrypted the data on your disk (i.e. you have bitlocker enabled), the KB5034441 update will prevent a successful attacker to bypass the BitLocker Device Encryption feature on the system storage device.

To double check, start PowerShell as an admin and run the following commands:

Get-BitLockerVolume -MountPoint "C:"

Get-BitLockerVolume -MountPoint "D:"

reagentc /info

Steps:

1. Download Microsoft tool 'Show or Hide Updates' (it seems the executable is not signed properly by Microsoft, your browser will ring the alarm bell).
2. Scan the dowloaded executable using Microsoft Defender to make sure it does not contain malware.
3. Run the tool and hide KB5034441.
4. Run Windows Update again. It now should say that 'You're up to date'.

Tool can be downloaded:

https://download.microsoft.com/download/f/2/2/f22d5fdb-59cd-4275-8c95-1be17bf70b21/wushowhide.diagcab