Refresh data when opening the file: If you will enable Refresh data when opening the file, then when you will open the excel, it will do the refresh.So in every 2 minutes, the refresh will happen and if any new records are there in the SharePoint list, the list item will be synced with the excel. Refresh every minutes: Here, you can set the interval when you want the refresh to happen.
Here in the Query Properties dialog box, check the below checkboxes: If the properties window did not open, then click on the Refresh icon and then click on … and then click on Properties like below: This will open the Query Properties dialog box from where we can enable auto update excel from SharePoint list option.