SergeiBaklan
I haven't used whole sheet CF on large workbooks. I had observed that entire column formatting or conditional formatting leaves the used range unaltered whereas a very large formatted range increases the used range. I just decided to try it.
I think the application was an experiment to colour the active cell along with all cells within the same CSE array formula region, all cells within referenced regions and, within that, the cells directly referenced from the active cell (each with its own lurid colour chosen to match a set of fluorescent marker pens). The four dynamic range names (specific to the selected cell) were set up by an event handler, so I could have simply formatted the cells using an interior fill. Conditional formatting was convenient because the sheet would automatically revert to its former state once I removed the event handler and the CF.
I am not in a position either to recommend the strategy or to point out any risks. It is simply a fact that it worked well in the specific instance.
p.s. The formatting was done by testing each cell in the workbook for range intersection with each of the VBA-defined ranges (a call to the ISREF function within a defined name}. Given that there are 10³⁴ cells on a worksheet, it could have gone very, very badly; but it didn't.