I have a lot of excluded pages on all my sites too.
Yes of course it is a reason - not indexed page = no page at all.
As my excluded pages are mostly duplicates or without content, i do not paying attention to this. These pages for me is "Discovered - currently not indexed".
But if your pages are unique and with content - something wrong.
You should check "Pages with redirect" manually to find a reason.
Google now acts like slut

I made one new site 5 days ago - currently only homepage.
Made on-page SEO very good, added unique 1500 words well formatted content.
So after these 5 days after submitting it everyday to index in GSC and adding sitemap:
Status: Excluded
Discovered - currently not indexed