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Yes, you can download your submissions data in an Excel file, this guide will help you: How-to-Export-Form-Data-to-Excel
You can also create an Excel report, you will get the link to the report so you can download the updated data: How-to-Create-an-Excel-Report
But you cannot set up an existing data where the submission will be sent to, you can only download the Excel report from the submissions page and it will be a new file.
Hope this helps.