so, what you are calling "fonts" (Arial, Times) are actually called "typefaces"
every pointsize in a typeface is a new font, and bold and italics the same.
so, we don't know if Excel is making the same common/casual error you are, but if their error message is "technically correct (the best kind of correct)", then italics and bold in each pointsize are all separate fonts, and that's what he might have too many of.