It does if you create large cells and stick paragraphs in. Make sure the width of the cell is enough for 12-15 words. Images also work just fine. It truly boils down to "uglyness" and not functionality. "Easy to digest" is a subjective term.
Excel sheets are essentially rectangular grid with borders. Grids have been used since the 60's in graphic design, primarily championed by the Swiss Grid System (Josef-muller brockmann, et. al).
So if you say that excel sheets are not a good instrument to convey information, you're saying that a grid like structure is not good at laying out information in a logical, understandable fashion. Which is provably false - everything from Tax forms to road signs, every bit of graphic design professionally conducted uses the grid system.
Think a bit deeper than just aesthetics and ask yourself, what exactly is an excel sheet? It is a bunch of boxes. Whether those are div elements or excel cells, what's the difference? Padding and margins?