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Microsoft announces Python formulas in Excel... which have to get sent to the cloud
(techcommunity.microsoft.com)
This is a most excellent place for technology news and articles.
The bytecode is turned into native code before execution
That's not how it works. If that really was how it worked there'd be no point even having bytecode; you'd just straight up get the native code. Unless you're talking about JIT, but your wording seems to be implying that all the bytecode turns into native code at once.
I was referring to JIT but there are also other options like GraalVM for AOT compilation.