The PDF shows a report, not the workbook's logic
XLSM can include formulas, macros, buttons, data connections, and multiple sheets. PDF captures a page-oriented view. It does not preserve a dependable path for recalculating formulas, running VBA, or exploring the workbook's data model.
Keep the original in an access-controlled location when authorized colleagues need the calculations or macro workflow. Share the PDF when the goal is to communicate selected results rather than distribute editable logic.