While Excel functions are relatively robust, doing more complex operations that impact more than one cell typically require macros. I was attempting to process 50,000 cells and I tried making a function, but it was a pain in the ass given how complex it was. Since, I didn't know VBA, but did know Python, I used Ironspread to use write a script to do the job. I was impressed, it's pretty smooth to use.
Having done my time in Excel and VBA, I can say as soon as you need to use VBA in Excel you're at the limit of what Excel can do.
It's a fantastic tool for visualising data, but as soon as you need to pass multiple data sets through an algo - you reach the limit of not only Excel, but the concept of visualising the entire working of an algorithm.
Basically, it can't iterate (well).