In BC Saas environmenht, can SQL Query Object be used in Excel report query?

We need to show the GL financial data with 2 global dimensions code in the Excel form.
The required output data includes:
- General ledger entries' each account monthly total amount with grouping of each global dimension code, and company total without dimension codes
- One month's general ledger entries data includes around 20000 records.
- GL budget data (2 batch names of budget by "budget", "forecast") needs to include along with General ledger entries' data
- 2 years data needs to show by monthly
- Data comparisons need to show by previous year's month and this year's month amount of General ledger entries, GL budget data entries
- BC account schedule doesn't support the format which the client requested. Excel form is needed.

We developed these required reports by 3rd party report: Jet report (insightsoftware) and tried with Excel OData feeds. But the problems are that the data output performance were really slow since those are reading the data one by one.

We think if SQL query in Excel could be used for BC SaaS, the data performance will be faster.
SQL query object can be used in Excel with BC SaaS environment?