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Hi
I believe it calculates before executing the event macro. You could do your test with a copy of your workbook.
Here is a small test I did, not sure if this is valid in your case.
In cell A1, I placed the formula =Now() and formatted as hh:mm:ss. That giving me a dynamic time.
Then I type this small macro in a Workbook Open Event
Private Sub Workbook_Open()
Range("A1").Copy
Range("B1").PasteSpecial xlPasteValues
End Sub
I waited a few minutes and opened the file, It pasted the new time in cell B1