Question: I can see that there are hundreds of cell formula links in this spreadsheet, but LinkFixer Advanced is reporting only five. What's going on?

Answer: Those hundreds of links probably all point to the same five files.

By default, LinkFixer Advanced will only report on the unique links it finds in an Excel file. Part of the reason for this is that this is the way the links are stored by Excel in your spreadsheet: All those hundreds of links refer to only five link paths that are stored in the file by Excel.