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I've been using Tad [0] for this purpose, as it streams in the data.

[0] https://www.tadviewer.com

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Fully agree, I have found that above 300k rows Excel struggles even on a good laptop. Not even mentioning the Python integration into MS Excel that is so unbearably slow that it is much better performing the calculations outside of Excel first.

I am sold on the website looks and license model!

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These days I use DuckDB to read massive excel files. DuckDB now ships with a nice local UI and it also works beautifully with Datagrip, my preferred database IDE. With SQL, it just becomes a matter of applying old grease to do whatever analysis I want.
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