Working with large xml/xlsx files ?

Hi, I'm working with a large xlsx file (more than 300k rows and 10-20 columns) and I need to check each row and than do create/update. I'm using FastExcel (rap2hpoutre/fast-excel)

$collection = (new FastExcel)->import($path);

foreach ($collection->chunk(20) as $items) {
   foreach ($items as $item) {
          $newData = [
	       'code' => $item['code'],
		'name' => $item['name_org'],
		'owner' => $item['fullname']
		...
	 ]; 
		
         $oldData = Product::where('code', $newData['code']->first();
	 if(!is_null($oldData) {
		// Here I check diff between old and new data
		$oldData->update($newData);
	  } else {
		Product::create($oldData);
	 }
     }
}

This code works for me, but I'm not sure is there any field where I can improve performances? First I download a file to my storage and then get a path. There are indexes in the database table. And I tried to change chunk limit (10-500+)