Bell's theorem explains that if the evolution of a system is described by stochastic variables and measurement devices aren't correlated with whatever chooses the measurements you perform, then the degree to which it can be correlated with other systems is constrained to a particular form.
Quantum theory allows systems to have correlations that break this constraint. If you explain these correlations by assuming that the equations of motion of quantum theory describe reality, then the evolution of a system isn't described by stochastic variables, but rather by observables that are Hermitian operators that can be described by matrices. Reality as described by these matrices is more complicated than the world we see around us and looks approximately like a collection of parallel universes in the circumstances of everyday life as a result of a process called decoherence:
https://arxiv.org/abs/quant-ph/0104033
https://arxiv.org/abs/1111.2189
For some reason this is controversial and is called the many worlds interpretation of quantum theory (MWI).
Observables of different systems only affect one another when they interact. Since the relevant equations of motion are local so is the evolution of quantum systems. In experiments to test the Bell inequalities, locally inaccessible information is carried in decoherent systems and this information causes the correlations when the results of measurements interact and not before:
https://arxiv.org/abs/quant-ph/9906007
https://arxiv.org/abs/1109.6223
So there is a local explanation of Bell correlations.
There are other accounts of physical reality that are called interpretations of quantum theory despite the fact that they contradict unmodified quantum theory (that is the MWI) in ways that can in principle be tested experimentally:
https://arxiv.org/abs/1906.10761
https://arxiv.org/abs/2310.14969
https://arxiv.org/abs/2003.11989
https://arxiv.org/abs/2003.12195
Some of these may be local, such as superdeterminism, which violates the assumption that measurement devices aren't correlated with whatever chooses the measurements you perform, but collapse and pilot wave theories are non-local.