When nesting functions in Excel, parentheses are needed. However, in Power Query IF$,$ why aren't when nesting functions or complex calculations inside an parentheses necessary?

Select an answer:

An IF in Power Query considers everything between Then and Else as an isolated piece.

In Power Query the Custom Column wizard guides you through building an IF statement.

In the Custom Column dialog box you input the components of the IF statement on different rows, and that's the equivalent of parentheses.

This isn't true. You do need parentheses.