I've found a solution that works for me, though it is somewhat labor intensive it does solve the issue as far as I can tell.
I was previously on Office 2010 and upgraded to 365. Every single legacy excel sheet I had suffered from severe lag when doing regular, mundane tasks like copy and pasting, inserting columns, inputting numbers... things that should never lag. I have an i5-8250U,
8gb ram, 256gb SSD, and MX150, not the most powerful pc but brand new and more than enough to handle Excel.
I tried clearing all formats, links, named ranges, macros, etc. I uninstalled all my add-ons. I tried turning off hardware acceleration. I upgraded to 64 bit. None of these things worked for me.
Finally, I simply opened a new workbook, I selected all the cells on the sheet with CTRL + A, and then I cut and pasted them into the new workbook. Boom. problem solved. You can rinse and repeat this process for each sheet in your workbook into the new workbook
and the problem is fixed (as far as I can tell). Yes this is a tedious process but it worked for me.