File Open Preference

This section was added in Excel 365 and was originally called "Link Handling".

Open Word, Excel and PowerPoint files using - Sets your preference for opening supported hyperlinks to Word, Excel and PowerPoint files to either the Desktop applications or the Browser.. The drop-down contains the choice of "Desktop" or "Browser"
Open supported hyperlinks to Office files in Office desktop apps - (Added in 365). When selected, supported hyperlinks to Word, Excel and PowerPoint files in an office application will open in Office Desktop apps.