The significance of Excel in large corporate environments is definitely underestimated by a lot of people who evangelise other platforms and software like LibreOffice as viable alternatives.

On the other hand, IME this is more of an enterprise-scale thing. Smaller businesses tend to be less firmly tied to existing software packages, and do less heavily customised work with Excel specifically, so there's likely to be less of a barrier for them to migrate.

Excel and COBOL will both still be around in 50 years. The entire global financial system depends on them, and will probably continue to do so at least until the Cyborg Uprising.