I can't believe it either, and I don't mean this in a good way.
Apache POI lets you run headless Excel. You import and interact with sheets programmatically in Java. We used this in my old workplace for exactly the same reason (functions, cell references, the whole thing), it worked great.
You found the ‘circ’ problem with a bit of luck. What about all of the other hidden little quirks of Excel that you would ultimately run into down the road? Are you really going to build and maintain a full blown Excel clone in JS? Is this really the objective of the frontend team?
It seems to me like a bit of googling and >90% of the work here could have been avoided. As an added bonus it would have been done by the backend team instead.