Actually, if you only need to format an existing NULL value in your data, you don’t need to use the IFNULL function and can just use the [=Null] prefix in the formatting string (
documentation).
Note that if you change form the default format and have negative values, you might also need to define the format for them to have the minus sign.
A formatting string like this will make your “No data” into “N/A” and keep positive numbers normal and negative numbers with a minus sign:
[=Null]N/A;
[>=0]#,#;
[<0]-#,#;