You can see formulas in the Formula bar or by pressing F2 for in-cell editing. When creating a sheet, you need the ability to enter and modify data and formulas, so everything's visible and accessible by default. It really is that easy, so don't make the mistake of thinking a protected sheet is secure. For instance, did you know that anyone can copy data from a protected Excel sheet into another workbook or even Google Sheets to access protected data? Excel protection is lost once data is copied somewhere else. It won't protect sensitive and confidential data from falling into the wrong hands. Protection is meant to prevent well-meaning users from accidentally damaging your work. Excel protection isn't a security feature. It's important to clarify the difference between protection and security.
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