Another option could be to delete and re-write the formula thru openpyxl and see if that would cause a recalculation.
Some time back Excel itself had problems with some recalculations on large files. I remember sending manual keystrokes thru VBA in order to force a full recalculation (not very elegant indeed). I am not sure if this is still a thing with Excel itself and how this might affect other software interacting with Excel.