It seems there are some troubles with the XLSX format, whereas using the old XLS it works fine. Look the following tests:
Import["c:\\tempmath\\test.xlsx", "Sheets"]
{"SheetWithArrayFormula"}
Import["c:\\tempmath\\test.xlsx", {"Sheets", "SheetWithArrayFormula"}]
Import::fmterr: Cannot import data as XLSX format. >>
$Failed
Import["c:\\tempmath\\test.xlsx", "Formulas"]
{{{"", "", ""}, {"", "", "A2:A4*B2:B4"}, {"", "", "A2:A4*B2:B4"}, {"", "",
"A2:A4*B2:B4"}}}
Import["c:\\tempmath\\test.xlsx"]
Import::fmterr: Cannot import data as XLSX format. >>
$Failed
after converting the XLSX to XLS
Import["c:\\tempmath\\test.xls"]
{{{"X", "Y", "Formula"}, {1., 0.1, 0.1}, {2., 0.2, 0.4}, {3., 0.3, 0.9}}}
Import["c:\\tempmath\\test.xls", "Formulas"]
{{{"", "", ""}, {"", "", "A2:A4*B2:B4"}, {"", "", "A2:A4*B2:B4"}, {"", "",
"A2:A4*B2:B4"}}}
Import["c:\\tempmath\\test.xls", {"Sheets", "SheetWithArrayFormula"}]
{{"X", "Y", "Formula"}, {1., 0.1, 0.1}, {2., 0.2, 0.4}, {3., 0.3, 0.9}}
generally when you want to look which elements are available into an external file, use the second Import argument "Elements"
Import["c:\\tempmath\\test.xlsx", "Elements"]
{"Data", "FormattedData", "Formulas", "Images", "Sheets"}
So, I guess the problem is not due to the Excel file contents (array formulas), rather to some wrong behavior of Import and XLSX.