That's arguably the goal of [Pluto.jl](https://github.com/fonsp/Pluto.jl). It's a (Julia-specific) reactive notebook that automatically updates all affected cells and has no hidden state.
That looks so good that I am thinking about learning Julia.
Please no. Excel is great when it stays within its lane and use case and doesn't try to be everything. Jupyter is okay-ish is some places but in general is way overused. Mixing them together would be a move in the wrong direction and a bit of a mess.
If you mean to retire VB in favor of Python for writing macros, I'm all for it. Not much Jupyter though
There's been a few projects in this space (PySpread is the first that jumps to mind), but also, not too long ago (last year maybe?), MS was investigating making Python a first-class inhabitant of Excel, so might already be in the pipeline.