Looping for-each and creating an excel sheet (.xlsx)

I'm trying to create a script that pulls print device from a group of servers housed in a text file. The script works fine except it only pulls one device from one server then the script completes. I'm trying to get this to work then loop in another command to combine all the data from all the sheets and look for dissimilarities between the server(s).

clear-host
# Get list of servers from text file
$sites = Get-Content -Path "User\user$\user\Documents\Working Folder32023\test.txt"
$counter = 4
# And here
foreach ($site in $sites) {
    $result = Get-Printer -ComputerName $site | Select Name, DriverName, PortName, ShareName
    #Create an Excel object
    $ExcelObj = New-Object -comobject Excel.Application
    $ExcelObj.Visible = $true
    # Add a workbook
    $ExcelWorkBook = $ExcelObj.Workbooks.Add()
    $ExcelWorkSheet = $ExcelWorkBook.Worksheets.Item(1)
    # Rename the worksheet
    $ExcelWorkSheet.Name = $site
    # Fill in the head of the table
    $ExcelWorkSheet.Cells.Item(1, 1) = 'Device Name'
    $ExcelWorkSheet.Cells.Item(1, 2) = 'Driver Name'
    $ExcelWorkSheet.Cells.Item(1, 3) = 'Port Name'
    $ExcelWorkSheet.Cells.Item(1, 4) = 'Share Name'
    # Make the table head bold, set the font size and the column width
    $ExcelWorkSheet.Rows.Item(1).Font.Bold = $true
    $ExcelWorkSheet.Rows.Item(1).Font.size = 15
    $ExcelWorkSheet.Columns.Item(1).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(2).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(3).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(4).ColumnWidth = 28
    # Fill in Excel cells with the data obtained from the server
    $ExcelWorkSheet.Columns.Item(1).Rows.Item($counter) = $result.Name
    $ExcelWorkSheet.Columns.Item(2).Rows.Item($counter) = $result.DriverName
    $ExcelWorkSheet.Columns.Item(3).Rows.Item($counter) = $result.PortName
    $ExcelWorkSheet.Columns.Item(4).Rows.Item($counter) = $result.ShareName
    $counter++
}

# Save the report and close Excel:
$ExcelWorkBook.SaveAs('\User\User\Documents\Working Folder32023\test.xlsx')

$ExcelWorkBook.Close($true)

That is because you are cfeating a new Excel COM object inside the loop.
Put that part above the loop, and inside create a new worksheet for each server and fill the data.

Because Get-Printer may very well return more that one object, you need to loop over the results from that too.

Try

# use full absolute path here
$outFile = 'X:\Somewhere\Documents\Working Folder32023\test.xlsx'
if (Test-Path -Path $outFile -PathType Leaf) { Remove-Item -Path $outFile -Force }

# Create an Excel object
$ExcelObj = New-Object -comobject Excel.Application
$ExcelObj.Visible = $true
# Add a workbook
$ExcelWorkBook  = $ExcelObj.Workbooks.Add()

# Get list of servers from text file
$sites = Get-Content -Path "X:\Somewhere\Documents\Working Folder32023\test.txt"

foreach ($site in $sites) {
    $counter = 2
    # Add a sheet
    $ExcelWorkSheet = $ExcelWorkBook.Sheets.Add()
    # make this the the active sheet
    $ExcelWorkSheet.Activate()
    # Rename the worksheet
    $ExcelWorkSheet.Name = $site

    # Fill in the head of the table
    $ExcelWorkSheet.Cells.Item(1, 1) = 'Device Name'
    $ExcelWorkSheet.Cells.Item(1, 2) = 'Driver Name'
    $ExcelWorkSheet.Cells.Item(1, 3) = 'Port Name'
    $ExcelWorkSheet.Cells.Item(1, 4) = 'Share Name'
    # Make the table head bold, set the font size and the column width
    $ExcelWorkSheet.Rows.Item(1).Font.Bold = $true
    $ExcelWorkSheet.Rows.Item(1).Font.size = 15
    $ExcelWorkSheet.Columns.Item(1).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(2).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(3).ColumnWidth = 28
    $ExcelWorkSheet.Columns.Item(4).ColumnWidth = 28
    # Fill in Excel cells with the data obtained from the server
    Get-Printer -ComputerName $site | Select-Object Name, DriverName, PortName, ShareName | ForEach-Object {
        $ExcelWorkSheet.Columns.Item(1).Rows.Item($counter) = $_.Name
        $ExcelWorkSheet.Columns.Item(2).Rows.Item($counter) = $_.DriverName
        $ExcelWorkSheet.Columns.Item(3).Rows.Item($counter) = $_.PortName
        $ExcelWorkSheet.Columns.Item(4).Rows.Item($counter) = $_.ShareName
        $counter++
    }
}
# Save the report and close Excel:
$ExcelWorkBook.SaveAs($outFile)
$ExcelWorkBook.Close($true)
$ExcelObj.Quit()

# Clean up the used COM objects
$null = [System.Runtime.Interopservices.Marshal]::ReleaseComObject($ExcelWorkSheet)
$null = [System.Runtime.Interopservices.Marshal]::ReleaseComObject($ExcelWorkBook)
$null = [System.Runtime.Interopservices.Marshal]::ReleaseComObject($ExcelObj)
$null = [System.GC]::Collect()
$null = [System.GC]::WaitForPendingFinalizers()

^{P.S. The code would run faster if you set $ExcelObj.Visible = $false}