A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data
Not to be dismissive of your issue but I can't reproduce this using Office 16.80 on Ventura 13.6.3 or on earlier combinations. Neither have I ever seen any similar complaints.
Are you using any 3rd party add-ins or utilities even if not Excel-specific?
Have you tried running Excel after starting the Mac in Safe Mode?
BTW: Trace Precedents/Dependents is not a workaround 🙂 It's a feature of Excel provide expressly for that purpose, although I can appreciate your preference for the method you described.
It should be noted that clicking the arrows navigates between the connected cells on the same sheet The feature is especially useful when tracing formula links between sheets by showing the referenced sheet & cell in the Formula Bar & clicking the arrow produces the GoTo dialog.