I was just recently asked the question by a fellow Analysis Services expert (Greg Galloway):
When you have SharePoint automate a data refresh for a PowerPivot workbook, is the new data saved back into the xlsx? So if I download the xlsx onto my laptop the next day, will I see fresh data? Also, if the xlsx is updated by SharePoint during data refresh, is that step subject to the 2GB file limit?
and I thought it made sense if that we share this answer as well.
So the answer is “Yes”.
Details you ask? Okay, here are the basic constructs: