The Excel workflow is surprising from the viewpoint of consistency with the OS but works pretty well for Excel users. Cut, paste multiple times, enter for the last one. I notice the multiple paste doesn't work on Excel on the Web.
The clipboard is very weak in Excel. If I copy something, update a cell somewhere and then paste elsewhere, the clipboard vanishes and I need to copy all over again.
You also open the gates to many edge cases where I don't know what it is supposed to happen.
What if I never paste the cut text? Does it stay faded?
What if I copy some other text, maybe on another app, before pasting? Do I paste the faded text or the new copied one?
Also, as you mention, I hate that you can't paste on a different program given the fact that the clipboard is untouched when you press ctrl-x
The gain is so minimal for a lot of headaches if you don't follow the happy path