I’ve been using Excel more lately and I’m trying to understand some of its more advanced features without making everything overly complicated

When working with data that has multiple conditions or needs to update automatically, what are the most efficient functions or tools to use? for example, is it better to rely on formulas like XLOOKUP and FILTER, or are there built in tools that handle this more cleanly?

Also, how does excel handle performance when formulas start getting longer or more complex? Is there a point where using too many formulas slows things down significantly?

What are the best built-in features in Excel for handling complex data in a simple way?