Nothing behaves exactly like a blank cell except a blank cell, and as
has already been noted, a cell that contains a formula is not blank.
"" looks and sort of acts like a blank with many range functions (SUM,
AVERAGE, STDEV, etc) but generates an error with many other formulas.
#N/A sort of acts like a blank with some graphs, but but does not cause
a break in a line if there is data on both sides.
Until MS adds a true missing value (don't hold your breath) the only way
to get a cell to act exactly like a blank cell in all cases is to delete
the formula. Deletion and restoration of the formula could be automated
by a change-event macro if the workbook is often updated.
Jerry