Remove Power Query queries while keeping the query output Tables

Solution 1:

In addition to the workflow that xChillOut's answer describes, if you don't want to leave trace of power query use then delete the connection string from Data->Connections as well, otherwise Excel may keep on showing the Enable data connections warning message while opened at other end.

Solution 2:

Using Excel from Microsoft 365 (Version 2112 Build 16.0.14729.20254) 64-bit:

The following lists more steps than in the original question, but these are really just basic menu/ribbon clicks... very direct and simpler than other answers.

1. Click anywhere in the linked Excel worksheet table

2. Click on the "Table Design" ribbon

3. Click "Unlink" in the External Table Data command section

4. Click the Data ribbon

5. Click Queries & Connections to display the side panel

6. Locate the query which should now indicate "Connection only."

7. Delete the query (Del key or context menu Delete)