Came here to say the same. Also tested it to confirm and the single quote mark inside the double quotes does indeed force interpretation as a string instead of a formula. In both Excel and Google Sheets.

Interestingly, in Excel removing the quotes entirely also causes a formula to be interpreted as a formula and text (even with spaces) as text and numbers as numbers.

In my testing, quotes are only needed when a field contains a comma to prevent it being interpreted as a delimiter.