No, it is not possible to use formulas in the Applies To box, at least not as you wish to.
You can use lots of functions in formulas in that box, even Named Ranges. But the moment you move off (just TAB will do), Excel converts everything to the literal cells being referred to. All the work is gone, never to return, leaving only the literal output at that moment for the formula/s and/or Named Ranges used.
You COULD put the formulas desired into one or more Named Ranges and use relative references as needed to achieve any result you desire. Then create a macro that updates the Applies To on any basis you wish: at file opening, whenever a button you create is pressed, on any change at all to the spreadsheet, however often or automatically you find you need, Excel has a mnechanism. When it finishes, moments later, your Applies To will have been updated and so should be the display based upon it.
(But with the literal output which will again and again need updating.)
Seems like such a little thing would make no real impact even if firing on every change to the spreadsheet, so this would probably provide something close enough to the Applies To being actually dynamic as to make no difference.
Er... probably... I have not tried it so...