How does ETL process map to MS Excel Power Pivot (Data Model)

Moderator please move to appropriate forum if required.

I use MS Excel 2016 for data visualization.

Can understand Extract means saving Excel data onto a spreadsheet and Transforming data means manipulating it in Power Query.

**QUESTION:**

But if I decide to load data to Power Pivot (Data Model) doesn't that fall back into Transform because you can

1. Create Calendar Table

2. Create Measures (or Calculate Columns if necessary)

Or does using Power Pivot (Data Model) fall under Data Modelling because you are no longer formatting, merging pre-existing data; rather you are creating new data (i.e. Calendar Table, Measures, etc)


Kindly clarify