'How does performance differ between a volatile Excel function and a VBA UDF that uses evaluate() on it?

I have an unusual use case -- we have a table of calculation rules and another table that looks up that table in order to make calculations. So we do an XLOOKUP that returns a formula, and then we execute the formula.

For example, I have a VBA UDF called execute_formula()

Function Execute_Formula(Formula As String)

Execute_Formula = Evaluate(Formula)

End Function

How would I see how much slower Execute_Formula("A1") is than INDIRECT("A1")?



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