After double clicking on all the cells to edit text, I decided to do a research and find out how to do it faster with keyboard shortcut.
CONTROL+U is the new F2 when you’re using Excel with a Mac. If you want to edit the active cell use the keyboard shortcut CONTROL+U.
Unfortunately, Excel wouldn’t allow me to customize this keyboard shortcut. What a bummer! There are ways to do it with a third party plug-in though, but it’s too much of a hustle for me.