if you need robust protection of your VBA, use commercial third party tools.
Copilot have some suggestions:

If you're serious about locking down your Excel VBA code, Arnel, there are a few standout commercial tools that go far beyond simple password protection. Here’s a breakdown of the top contenders:
��️ 1. XLS Padlock

  • What it does: Compiles your VBA code into bytecode and embeds it in a protected workbook.
  • Key features:

    • Prevents access to the VBA editor entirely
    • Converts macros into binary code (not just obfuscation)
    • Supports licensing, activation keys, and trial versions

  • Best for: Developers distributing Excel-based applications who want strong protection without leaving the VBA ecosystem.
  • �� Explore XLS Padlock

�� 2. DoneEx VBA Compiler for Excel

  • What it does: Translates your VBA code into C-language and compiles it into a native Windows DLL.
  • Key features:

    • Highest level of protection — code is completely removed from the workbook
    • Supports trial/demo versions and registration keys
    • Boosts performance for some VBA routines

  • Best for: Advanced users who want impenetrable protection and are comfortable with DLL integration.
  • �� Check out DoneEx VBA Compiler

��️*��️ 3. Unviewable+

  • What it does: Makes your VBA project permanently unviewable in the editor.
  • Key features:

    • Multiple protection levels (Simple to Ultimate)
    • Multi-layer protection for add-ins
    • Easy to use interface

  • Best for: Quick protection without compilation; ideal for Excel add-ins and templates.
  • �� Learn about Unviewable+