Why not simply use mail merge? From your description that is what mail merge does.

With reference to the formatting, Word reads the underlying data from Excel, but you can address that with formatting switches - https://www.gmayor.com/formatting_word_fields.htm

If you want separate documents see https://www.gmayor.com/MergeAndSplit.htm or https://www.gmayor.com/email_merge_addin.html