Yes, the performance will generally be better (1 minute to run a report, not 1 hour), but I'm not sure things will generally be better. As you said, the business people can at least modify the Excel. These systems? Not so much, without an usually massive support contract (Yaaaay! for us IT people, I guess).
People sometimes make a false equivalent and imagine that the Excel jungle will be replaced by a Google-developed, 90%+ unit tested, refactored and cleaned periodically bunch of code.