Linked Picture only updates when source file is open

I have a range of cells of an Excel worksheet copied to another Excel file as linked picture (I used the Paste Special > Linked Picture functionality). The linked picture will automatically update when changes are made to the source cells when both files are open. Unfortunately, the linked picture will not update if the source file is closed but once I open the source file, the linked picture is automatically updated. Is there a limitation with the Linked Picture functionality? Note that I also tried using Excel Camera and the behaviour is the same,

Note that the generic paste link will auto update when source file is closed but I want to retain the source formatting, hence using the linked picture option.