It would seem that the creators of VisiCalc regarded this is a choice that made sense in the context of the limitations of the Apple ][, but agree that a dependency graph would have been better.
https://www.landley.net/history/mirror/apple2/implementingvi...
Edit: It's also interesting that the tradeoff here is put in terms of correctness, not performance as in the posted article. And that makes sense: Consider a spreadsheet with =B2 in A1 and =B1 in B2. Now change the value of B1. If you recalc the sheet in row-column OR column-row order, B2 will update to match B1, but A1 will now be incorrect! You need to evaluate twice to fully resolve the dependency graph.
What I'm trying to communicate is this: this product _invented_ spreadsheets, but you dismiss the implementation with a sneer.
There are many common spreadsheet use cases that don't involve complicated dependency trees.