Spreadsheets are malleable by design. Being able to modify how it functions on the fly is an enormous power for these users. And the better/faster/smarter SaaS replacement is also extremely rigid and inflexible. So while it works to replace the current version of their god spreadsheet, it can’t adjust on the fly as the user’s needs change like the spreadsheet can.
I’m convinced that there does exist a “better spreadsheet” that treats power users as exactly they and incorporates things from the software engineering works like version control, modularity, reusability, sharability, etc. that hasn’t been built yet.