You can use all of Excel’s functions and formatting features to make any changes.
But any edits you make and save in that Excel file will update in your Word document. Keep in mind this is an entirely new Excel file (not the original). If you do want to edit the data, just double-click on the object and it will open the entire original spreadsheet inside Microsoft Excel. However, you can resize the entire object so that it fits inside the margins of your document.