No, the answer option text is {G2Q1_x.shown}, and this is exported.
The data export doesn't render your expressions again.

Now it's your task to recalculate the text. But this is not so difficult as thought, if you create a EXCEL macro instead of replacing one by one manually, and avoids errors.

But:
In your case you should have used the array filter option instead ofyour approach with {G2Q1_x.shown}.
If you really used two questions of type "Ranking" this is possible with a hidden multiple question between these two.
But as far as I understand the design, a multiple question followed by a single question is sufficient.

Joffm

Joffm wrote: If you really used two questions of type "Ranking" this is possible with a hidden multiple question between these two.

In 3.x, you don't need the hidden multiple-choice - you can implement array filter directly between two ranking questions.

Sample survey attached: