Limit Excel CPU Usage

If a VBA function is called from several formulas or if your script generates or forces the recalculation of several formulas, then this should definitely make use of the multi-threaded calculation feature of Excel. Respectively, this would either run multiple instances of your VBA function for each formula, or recalculate multiple cells simultaneously while your vba script is running on a single thread.

You can limit the number of threads used by Excel to recalculate formulas in Excel Options... Advanced Tab... Formulas section.

Instead of lowering the priority, try changing the affinity in the Task Manager. If you have more than 1 CPU, you can limit the number of CPUs Excel will use. This will free the other CPUs to work on other things.

Right click Excel in the Processes tab and select Set Affinity. Choose CPU(s) where you want Excel to run.

You can try lowering the priority of the excel process, by finding opening the task manager, switching to the "Details" or "Processes" tab (depending on your version of Windows), right clicking on the excel.exe process, and selecting a lower priority. This should give more CPU time to other processes.