Is there a way to evaluate a formula that is stored in a cell?

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No, there’s no equivalent to Excel’s EVALUATE() in Google Sheets.

There’s long history behind this one, see this old post for instance.

If you’re just interested in simple math (as shown in your question), that can be done easily with a custom function.

function doMath( formula ) {
  // Strip leading "=" if there
  if (formula.charAt(0) === '=') formula = formula.substring(1);
  return eval(formula)
}

For example, with your A1, put =doMath(A1) in another cell, and it will be 3.

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