Long but Less formulas or Short but More Formulas

I was wondering if anyone knew the performance difference between using shorter formulas but more cells, or longer formulas with less cells.

I am working on a new iteration of my workbook that already contains a lot of nested formulas doing the background work. There is heavy use of IF/IFS, INDEX and MATCH, as well as AGGREGATE and SUMPRODUCT. I have avoided arrays and volatile formulas deliberately to avoid any slowdown. Some of the formulas are 100+ lines long.

Ideally I'm trying to reduce the original workbook to as few cells as possible to help with future updating. Something I have learnt is, on balance, longer formulas and less cells are easier to work with in the long run, especially when you are dealing with so many precedents and dependencies. It can be difficult working with cells that have dependencies 100 columns away.

I can't say for certain so far if my workbook is calculating faster.

What is your preference?