Excel allows you to wrap text within a cell or within a merged set of cells. But it also allows you to force line-breaks within cells or merged cells.
If you want to create the equivalent of a carriage return within an Excel cell, hit ALT+Enter. The cursor will stay within the cell being edited, but will drop to the next line.
This can be useful when entering regular commentary in a single cell, such as weekly risk updates.
A word of caution though. Usually, these cells behave just fine. But occasionally, if you use the automatic cell height feature, it doesn’t respect these carriage returns and some of your cells’ contents may be hidden. There’s no solution to this beyond manually adjusting the row heights where you see this happening.