About This Shortcut
This shortcut will open Excel's options area. We don't know of a dedicated shortcut for this in Windows, so you'll need to use Alt + F to open the File menu, then T to access the Options window.
On the Mac, options are called "preferences", and the shortcut command + , will open preferences in most applications, not just Excel.
For what each option does, where to find it on Windows and Mac, and which ones are worth changing, see the Excel options guide.