We have had a response from HP that the Excel add-in Not responding (hangs) issue has been fixed. It was a regression failure in Patch 7. HOWEVER there is no eta on release. It is "fixed" in the next patch (Patch 8 known as SP3. It is in the queue for consideration in a future release, patch or hotfix.
I vote for hotfix.
Re: Excel add-in fails on ALM SP2 P7 - no eta on fix
Just pester HP until they give you a patch. When ALM was first released we raised about a dozen high severity defects and they gave us several patches, including a new excel add-in. Support does not come cheap, make them earn their money.