If you use content controls instead of formfields, you don't need forms protection.

In any event, if you use Section breaks either side of the embedded objects and leave the section(s) containing them unprotected when using forms protection, you can open the objects by double-clicking on them. If you're not getting that outcome, you probably haven't unchecked the protection option for the section(s) containing the objects.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]