The array formula in cell C3 checks if cell B3 contains at least one of the values in List (E3:E7), it returns "Yes" if any of the values are found in column B and returns nothing if cell contains none of the values.
Example, cell B3 contains XBF which is found in cell E7. Cell B4 contains text ZDS found in cell E6. Cell C5 contains no values in list.
=IF(OR(COUNTIF(B3,"*"&$E$3:$E$7&"*")), "Yes", "")
The COUNTIF function has ampersands concatenated to cell range E3:E7 which makes it count the cell if it contains a value in the list.