using the ACE driver (2010 or 2016) it seems to work fine.
If that isn't what you are using give it a try
https://www.microsoft.com/en-ie/download/details.aspx?id=10910
https://www.microsoft.com/en-us/download/details.aspx?id=50040

Also note that some of the drivers will also have a property "MODE" which can be set to "READ" which may also allow you to open the file.

Steve - if the excel file is not password protected then it is not bypassing any security - it still will not allow writing to it.

As it stands none of the Microsoft provided drivers allows for opening a excel file that is password protected - thirt party tools required.