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Default Does an if statement calculate both the true and false?

I have a spreasheet, with 40000+ rows.
I have an if statement which is basically if(A1="OK",0,long and complex
formula).
Almost all instances are "OK" with a few exceptions requiring the complex,
time consuming part of the formula.
Does excel calculate that part of the formula even for cells which are "OK"
and hence taking up loads of time, or does it ignore it knowing it doesn't
need to return it?
Thanks!
Chris
 
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