When you insert an Excel file into a Word document, the data are embedded. This means that the Excel file is actually inserted into the Word document, and it will be updated if the Excel file is changed.
If the data were hyperlinked, it would be a link to the Excel file. If you clicked on the link, it would open the Excel file.
If the data were linked, the Excel file would be stored separately from the Word document. When you opened the Word document, the data would be updated from the Excel file. However, if you changed the Excel file, the data in the Word document would not be updated.
The Word menu bar and toolbars are used to format the text in a Word document. They are not used to insert Excel data into a Word document.