Dear jilliangran
Thank you for your quick response and we also appreciate that you spent your precious time doing these tests and provided the detailed information to us. And sorry for the late reply due to the weekend.
If you the date format still can't work well in your end by the above methods, please try to use safe mode to check if other programs or startups caused this situation, for your reference: How to use safe mode on your Mac - Apple Support
***Disclaimer:***Microsoft provides no assurances and/or warranties, implied or otherwise, and is not responsible for the information you receive from the third-party linked sites, or any support related to technology.)
Meanwhile, to narrow down if the behavior was related to your local environment, try to change the date format in Excel via another device to check the behavior.
Create a new user profile on your Mac then sign in and use Excel to check if the same behavior will happen again.
Besides, may I know does your other colleagues have the same behavior when use the date format function in Excel?
We're waiting for your reply and will continue to help you all the time!
Your understanding and patience will be highly appreciated! Hope you have a good day.
Sincerely,
Stacey | Microsoft Community Moderator