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Default Excel freezes while running macro

Hello,

I tried to find some threads that would cover this, but couldn't. So I'm running a find and replace macro with ~91000 search terms and a list of ~550000 from which to find them. Is it possible that even though task manager tells me that excell is "not responding", the macro is still running correctly? Task manager shows that excel is using all of one core out of two, and the used core seems to be switching now and then and the memory usage is not increasing. I know that if it is running correctly, it would take around 10-48 hours to complete, but if it's not running and only using resources, I rather would end the run now and try another approach.
 
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