An .xlsx file is a ZIP of XML
Rename one to .zip and you can open it. Inside are separate XML parts for each worksheet, a shared strings table holding every distinct piece of text in the workbook, styles, and any embedded images. That structure is why a tool can read an .xlsx without Excel, and why a spreadsheet's contents are much more accessible than they appear.
Formulas versus the values you see
A cell stores both its formula and the last value Excel calculated for it. Tools that read the file without a formula engine report the cached value, which is correct as long as the workbook was saved after its last recalculation. A file saved with stale cached values will show stale numbers to any reader that does not recalculate.
Hidden is not deleted
Hidden rows, hidden columns, and hidden worksheets are display settings. The data is still in the XML and any recipient can unhide it. So can filtered-out rows and a pivot table's cached source data, which frequently covers a wider dataset than the summary on screen. Before sharing a workbook, unhide everything and look.
Metadata and comments
Workbooks carry document properties in the same docProps parts as Word and PowerPoint files — author, last editor, company, editing time — plus cell comments and threaded comments stored in their own parts. None of these are cleared by saving a new copy.