The black line in the graph above is the amount of data read (actually the offset values showing where in the file the data is read from, which is the same thing as a running total when Power Query is reading all the data) from the Excel file; the green line is the amount of data read from the CSV file (the same data shown in the first graph above). A few things to mention:
Running Process Monitor while this second query was refreshing had a noticeable impact on its performance – in fact it was almost 20 seconds slower
The initial values of 80 million bytes seem to be where data is read from the end of the Excel file. Maybe this is Power Query reading some file metadata? Anyway, it seems as though it takes 5 seconds before it starts to read the data needed by the query.
There’s a plateau between the 10 and 20 second mark where not much is happening; this didn’t happen consistently and may have been connected to the fact that Process Monitor was running
The results were remarkable; check them out.