A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
On a Chromebook, you are using Excel for the web, even with a Microsoft 365 subscription. The web version is not completely feature-identical to the Windows desktop version. Microsoft does acknowledge that there would be different features. See here: https://support.microsoft.com/en-us/excel/differences-between-using-a-workbook-in-the-browser-and-in-excel
Also, for the specific sorting behavior you noticed, that seems to be different wording, but same feature.
Ascending = oldest to newest
Descending = newest to oldest