If you are used to using Microsoft Excel on a Windows device and now on Excel on a Mac/Macbook and wondering why the F4 key opens the Spotlight search or Function + F4 key does not work to get to the Repeat Last Action option.
Well, the shortcut key to repeat the last action in Excel on macOS is different, you will need to press Command ⌘ + Y to achieve that.
Repeat Last Action Shortcut on Mac
Command ⌘ + Y
Let's see a Gif demo to see the repeat shortcut in action.

As you may see, my last action was bold, using Command + Y keys I was able to repeat the same for the next two cells.
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