True or False: The Formula tool can update an existing column using an expression.

The Formula tool indeed allows users to update an existing column using an expression. This functionality is essential for adding new calculations or modifying values in a dataset without needing to create an entirely new column. When applying an expression in the Formula tool, users can specify the target column they wish to modify, and Alteryx will apply the calculations or adjustments based on the defined expression.

This capability is crucial for data transformation tasks, where you often need to calculate new values from existing data, such as changing data formats, performing mathematical operations, or concatenating strings. Therefore, the statement that the Formula tool can update an existing column is accurate and reflects the tool's flexibility and power in data processing workflows.