I would say yes. You can break the loop whenever you want, and you have access to all the lexicals, and therefore can jump cells if 1 cell relies on data on column to left or right of it or on another sheet . If its code that only you will ever use (or your successor) will use, it doesn't matter since you can add new parameters to your callback or get rid of the callback whenever you want and you understand how it works, but if this is an API that is to be used without having to look at its source code, don't use callbacks. There is nothing wrong with the large loop that doesn't use callbacks. Put a comment on the block ending curly bracket line if your editor doesn't show the whole thing at once or your confused by long conditional trees. If you want code organization, your callback becomes a good old plain sub/function when you don't pass sub reference to the caller looping sub and hard code the cell processing sub in. This is assuming your writing a perl app/script and not writing a reusable API.
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