New in Windows Excel 2016, this shortcut toggles a full screen mode that hides both the ribbon and status bar. When the formula bar is visible, this provides space to view 8 more rows. When the formula bar is hidden, this shortcut shows 10 more rows in a worksheet.
We don't know an equivalent shortcut on the Mac. However, Control + Command + F will toggle full screen mode for almost any window although it won't toggle the ribbon or status bar in Excel.