When it comes to setting up permissions, the "View" and "Download encrypted file" permissions have two additional options of access: Secure analysis and No formulas.
These special modes of permissions are applicable to Excel files if any uploaded.
For View permission, the corresponding setting will allow the following:
Secure analysis option allows users to see formulas in Excel documents.
No formulas option makes formulas invisible for users.
In the case of Download encrypted file permission, Excel documents (xls | xlsx | xlsm) can be downloaded as IRM-encrypted versions. It allows working with the native yet protected files (users will need to authenticate to open the document).
In this case, the corresponding setting will allow the following:
Secure analysis option allows users to see formulas in Excel documents, apply their own formulas, use macros, edit the document, yet copying, saving changes, making screen capture are disabled.
No formulas option will make formulas invisible for users along with disabling editing and data analysis capabilities. Copying, saving changes, making screen capture are disabled.
More details on all available permissions can be found in this article.