It's a pretty easily parallelizable problem since the sheet is just a dependency tree with the cells as nodes.
The build-in functions (e.g. probability distributions etc.) could also be multi-threaded, although I'm not sure if they are. Our external API called from cells was written in C++ and already multi-threaded.
More info here:
https://msdn.microsoft.com/en-us/library/office/bb687899.asp...
Given that Excel isn't really targeted at these kinds of user (heavy lifting typically offloaded to external libraries) it wouldn't be "Sad" if they didn't already do it, and I would in fact be pleasantly surprised. Which is why I'm asking the question.
EDIT: Turns out you're right! https://msdn.microsoft.com/en-us/library/office/bb687899.asp...
To trigger these you usually have to be aware of them and write your code in a certain way.
Compiler writers also look for common patterns in people's code and figure out how to optimize them. when you have both years (decades) of legacy code and developers who don't even know what patterns are optimized, you as a compiler writer need to optimize the code that is being written.