Yes. When pre-processing the data, the Explorer is able to detect if a formula has been used and process the result of the formula rather than the formula expresseion itself. 

An example of this could be if cells in the column for exploration have been constructed from other cells, using the JOIN function in Excel. The system knows not to read the formula '=JOIN(' ';B2;C2)' as text, but to take the value this formula returns.