SYMPTOM:
In Strategy Web 9.4.1 and above, the setting "Maximum number of categories and series" is not applied when a graph or grid/graph is exported to Excel with formatting.
The graph in Strategy Web is shown below set to display only 6 Categories and 2 Series:

However, after exported to Excel, the graph displays all Subcategory elements and all 3 metrics, like shown below.

STEPS RO REPRODUCE:
CAUSE:
This is a known issue in Strategy Web 9.4.1 and above.
ACTION:
Strategy will continue to investigate and post updates as soon as they are available.