Well, Marc is right stating that transferring XLSX is definitely better/faster than JSON.
ABAP JSON tools are not so rich however sufficient for most manipulations. More peculiar tasks can be done via internal tables and transformations. So it is highly recommended to perform your operations (XLSX >> JSON) on the backend server.
What concerns backend DB table, I support Chris N that inserting 10M string into string field is a worst idea that can be ever imagined. The recommended way of storing big files in transparent tables is utilizing XSTRING type. This is a kind of BLOB for ABAP which is much faster in handling binary data.
I've made some SAT performance tests on my sample 14-million file and that's what I got.
INSERT into XSTRING field:

INSERT into STRING field:

As you can notice DB operations net time differs significantly, not in favour of STRING.
Your upload code can look like this:
DATA: len type i,
lt_content TYPE standard table of tdline,
ws_store_tab TYPE zstore_tab.
"Upload the file to Internal Table
call function 'GUI_UPLOAD'
exporting
filename = '/TEMP/FILE.XLSX'
filetype = 'BIN'
importing
filelength = len
tables
data_tab = lt_content
.
IF sy-subrc <> 0.
message 'Unable to upload file' type 'E'.
ENDIF.
"Convert binary itab to xstring
call function 'SCMS_BINARY_TO_XSTRING'
exporting
input_length = len
FIRST_LINE = 0
LAST_LINE = 0
importing
buffer = zstore_tab-file "should be of type XSTRING!
TABLES
binary_tab = gt_content
exceptions
failed = 1
others = 2
.
IF sy-subrc <> 0.
MESSAGE 'Unable to convert binary to xstring' type 'E'.
ENDIF.
INSERT zstore_tab FROM ws_store.
IF sy-subrc IS INITIAL.
MESSAGE 'Successfully uploaded' type 'S'.
ELSE.
MESSAGE 'Failed to upload' type 'E'.
ENDIF.
For parsing and manipulating XLSX multiple AS ABAP wrappers already present, examples are here, here and here.
All this is about backend-side optimization. Optimization on the frontend
are welcomed from UI5-experts (to whom I don't belong), however general SAP recommendation is to move all massive manipulation to application server.