Ok, gotcha. I'm not sure how the Watch window helps show parts of
formulas calculated. That's what confused me before.

Well, you can highlight a section of a formula and press F9 to see
that area calculate. Occasionally I want to see something like you've
asked about, and this method works. But it sounds like you have a
volume issue that I don't. It could take awhile, manually selecting
various areas and hitting F9.

I haven't heard of anyone writing code to do this, but it would
probably be possible. The problem is, I'll bet it would be a permanent
change if you had code that changed your references to their values.
Presumably you wouldn't want that permanently. I suppose it could
include a copy to another cell to show it, rather than altering the
original. Afraid that's well beyond my skill set, though.

You can also try showing precedent arrows to get to the source cell
quickly (double-click on them to jump back and forth) to show its
value, but they are a bit of a pain when going between sheets.