When I embed an Excel spreadsheet in a Confluence page with the

macro, all the text in the cells that are hyperlinked actually appear as their respective hyperlink addresses (i.e. URLs). For example, if a cell contains the text "Confluence" and it hyperlinks to "http://www.atlassian.com/software/confluence/", then the link "http://www.atlassian.com/software/confluence/" will appear in the cell in the embedded Excel spreadsheet.
However, when you open the spreadsheet in Excel (via Edit Document or otherwise), the hyperlinked cells' text appears as expected.