In order to iterate on and discuss the content and structure of a form, it is sometimes easier to view the form contents in an Excel format.
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If you make changes to the content in the excel file (i.e. display text, validation, etc.) you will have to manually make these changes in the form builder. That means you cannot update the form by importing the altered excel file. It is possible to do this for display text only by using the Form Bulk Translation tool. If you want to build forms using an Excel file you can try a tool like Formhub.
If you want to have a column which cleanly shows the choice value for questions with choices, you can do this in Excel with the formula =IF(B2="Choice", TRIM(MID(A2, FIND("-",A2)+1, 100)), "")