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Jan,
Not sure I understand. Opening the file with the Explorer is faster than opening the file in the Excel Recent menu. In any event I don't have it turned on as I like to see

Have you got the preview pane visible in Explorer? I seem to recall that pre-opens the file in Excel. I always have that turned off for that reason.

Here's an interesting discovery I made concerning the issue of long durations for opening an Excel file.
If I open an Explorer window and go to the folder that contains the file and double click on it, it open almost immediately, as you would expect.

If you open Excel and double click on the file in the Recent menu this is where the delay occurs. Given the file is probably in the cache it open faster but there is a few second delay.

Thoughts?

Sergi/Jan,
I have about 45 files/folders in my OneDrive folder so that is not the problem. I also cleared the cache file and while it does seem to speed the opening, I'm not sure this is the answer either.
Here is some more information that might be helpful, that I should have shared when I first opened this request for help.

There are 2 tables as I described in the initial request for help, both tables are the same, though one has about 15 rows and the other has just 1 row of data. I then use the following formula to combine the tables to create a summary. Here is the formula that I use
=LET(
stck, SORT(VSTACK(Sam,Mary),1,1,FALSE),
data, DROP(stck,,-1),
dc, TAKE(data,,-1),
rt, SCAN(0,dc,LAMBDA(a,b,a+b)),
result, HSTACK(data,rt),
result
)
The first time I open the file is when it takes the longest to open. Subsequent time are very slow but faster than the initial opening.

sammary 

Ok, let see.

Another reason I read somewhere about, that's a huge number of the files in the root OneDrive folder. We speak about the thousands. They are filtered first by extension, thus if you have mainly Excel file, other apps work faster. If to move into subfolders performance on opening is better. 

Jan, thanks for the response. I actually tried this and there was no effect.

Sergei,
Thank you for this suggestion. I deleted the cache and changed the cache setting to 7 days from 14. One Excel file opened as expected and another took a bit longer (57K) but a whole lot faster than in the past. I hope this is the solution but I want to give it a couple of days.

sammary 

I'd try to delete Office Cache, instruction is here How to clear office cache data without going through Microsoft Upload - Microsoft Community

Perhaps reinstalling the OneDrive app might help?