Can Excel data set up to become dynamic data that updates over time?

Answer 1

Yes, these types of connections can be found under the "Data" tab of the ribbon. On the left-hand side of the default ribbon you can see a section labelled "Get & Transform Data" from here you can do queries to SQL databases, websites, tables in other spreadsheets etc.

Once you have that setup you can make it so these update by the minute, manually, or when you open the spreadsheet and anything in between.