It might also be of interest to look at your RAM memory usage when the spreadsheet is open. Depending on what formulas, etc. are involved, Excel may start to hog your memory and, independent of size, that could cause issues.

On a Mac since 1984.
Currently: 24" M1 iMac, M2 Pro Mac mini with 27" BenQ monitor, M2 Macbook Air, MacOS 14.x; iPhones, iPods (yes, still) and iPads.