Dear Koteswara Varma,
Good day! Thank you for posting to Microsoft Community. We are happy to help you.
From your description It seems Not able click on the links directly on Excel Web Access Web Part in SharePoint Online behavior from your side.
Apologized situation you encountered, we do understand the inconvenience caused and apologize for it.
I read your query carefully and I do multiple tests on our end, it still allows us direct clicking it to open the file. So, we believe it is not related to backend changing. For further trouble shooting, we suggest you with below actions.
1, remove the webpart first then re-add the webpart and choose the same file to see if it works.
2, open the file via Excel for the web from its original location, click the links inside and check if it redirects directly.
3, test with creating a new Excel file, inserting a new link and add it to the webpart to see how it works.
Your understanding and patience will be highly appreciated.
If there is any misunderstanding, please feel free to correct me.
Have a nice day!
Best regards,
Sophia