That specific row of PHPExcel relates to the instantiation of a cell instance, so I guess your excel file might have a lot cell's or due to a bug it end's in a loop, but thats hard to say without seeing it.
You may consider changing to the successor of the PHPExcel package called PhpSpreadsheet and see if it helps. It contains a lot of optimizations, although the structure is different. It also supports php7.1, so it could be an option for you, so why don't you give it a try?
PhpSpreadsheet is the next version of PHPExcel. It breaks compatibility to dramatically improve the code base quality (namespaces, PSR compliance, use of latest PHP language features, etc.). Because all efforts have shifted to PhpSpreadsheet, PHPExcel will no longer be maintained. All contributions for PHPExcel, patches and new features, should target PhpSpreadsheet master branch.
https://phpspreadsheet.readthedocs.io/en/latest/