Windows update KB4530734 fails with error 0x800F0816 and triggers a system restore on reboot

On Windows 7 x64 Windows update KB4530734 (December 10, 2019—KB4530734 (Monthly Rollup)) fails with error 0x800F0816 and triggers a system restore on reboot. When installing the update, it finishes with a hint to reboot. After the reboot, the failure and the error code can be seen in the Windows Update history.

I already tried the following things to no avail:

• Windows Update Troubleshooter
  • this reports inconsistent results when rerunning
  • this reports inconsistent result in overview vs detailed view
• DISM.exe /Online /Cleanup-image /Scanhealth
  • on the first run it said it found and fixed some problems
• sfc /scannow
  • on the first run it said it found and fixed some problems
• Resetting the Windows Update Components with Reset-Windows-Update-Tool
• installing all available outstanding Windows Updates

How do I fix this without reinstalling Windows?