It loses a lot more than just formatting. Formulas, any graphics, graphs/charts, it only saves the active sheet. And formatting can be super important with date values.
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Because not all CSV are comma delineated values, annoyingly my bank uses colon delineated values because commas are used as decimal divider in my part of the world.
And as excel doesn't give a shit about non US formated stuff it always leads to issues.
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