Here is link to your solution in reddit: https://www.reddit.com/r/excel/comments/13wzhod/pythons_fstring_in_excel/
=LAMBDA(f_string, values, LET(
is_labeled, NOT(ISNUMBER(FIND("{}", f_string))),
is_numbered, IFERROR(ISNUMBER(VALUE(
TEXTAFTER(TEXTBEFORE(f_string, "}"), "{"))), FALSE),
values, IF(AND(ROWS(values) = 1, OR(is_numbered, NOT(is_labeled))),
TRANSPOSE(values),
values),
value_pairs, IFS(
is_numbered, HSTACK(SEQUENCE(ROWS(values)),
IF(ROWS(values) = 1, TRANSPOSE(values), values)),
COLUMNS(values) = 1, WRAPROWS(values, 2),
TRUE, values),
pair_rows, SEQUENCE(ROWS(value_pairs)),
unlabeled, REDUCE(f_string, values,
LAMBDA(string, value,
IFERROR(SUBSTITUTE(string, "{}", value, 1),
string))),
labeled, REDUCE(f_string, pair_rows,
LAMBDA(string, pair_row, LET(
label, INDEX(value_pairs, pair_row, 1),
value, INDEX(value_pairs, pair_row, 2),
IFERROR(SUBSTITUTE(string, "{" & label & "}", value),
string) ))),
IF(is_labeled, labeled, unlabeled) ))