As Christoffer explained, it's a one-way refresh only. If you want two-way sync, your choices are: switch to Access, do specific development, or use a 3rd party product, such as SharePoint List SynchronizerSharePoint List Synchronizer. This product (developed by my company) installs on Excel only (no server setup) and makes the existing sync process bi-directional.
However, keep in mind that Excel doesn't support all SharePoint scenarios, which probably explains why Microsoft stopped the two-way sync between Excel and SharePoint lists about 10 years ago. For example, Excel doesn't support multiple selection in drop-down lists, or doesn't handle rich text in a way that would be compatible with SharePoint.