Hi Chris,
Based on your description, we tested in the same version of Excel for Mac. And we can reproduce this behavior.
If I select all ranges of this sheet, then click TraceDependents button, only the arrow from cell A1 will appear.
However, if I select some specific range which has formula, the other arrow will appear to show the relationship. Moreover, if I select all ranges and then click Trace Dependents button at this time, all the arrows will appear.
We also test the same behavior in Excel for Windows. No matter what, only the relationships from A1 will appear when we click Trace Dependents button.
Based onthis article, it should show the relationship between the cells within the range you select. We appreciate your efforts on this case, and we are sorry for the confusion caused by this. We sincerely suggest you submit the feedback within Excel to send this issue report directly to the related Excel team. This is the best way to report issue and get feedback from them.
Your cooperation and understanding are highly appreciated.
Best Regards,
Ivy