Weigh that against <insert any company> makes $X Billion due to correct usage of Excel multiplied thousands and thousands of times over. Survivorship bias at it's finest.
Excel isn't perfect and has notable downsides, but work gets done all of the time on them for the aforementioned reasons.
What a lot of companies do is just scare entry level employees into being very careful. My friend’s girlfriend works at a place like this and people just accept all the problems with manually editing large spreadsheets because “that’s just life.”
Anything in excel is a hack and most of its users don’t know any better.
If they have knowledgeable people there, it will take no longer than coding something up in Excel and will be more reliable.
This also wouldn't silo the data in the users laptop, subject it to being destroyed because the user dropped it, and limit frequency of updates and access to how fast the user can respond to emails.
See, we can all conjure up imaginary people. :)