Question: How can you have two-way synchronization of data between Excel and a SharePoint list?

I've read the Office support [Manage large lists and libraries in SharePoint](https://support.office.com/en-us/article/Manage-large-lists-and-libraries-in-SharePoint-b8588dae-9387-48c2-9248-c24122f07c59) page and the limitation about Excel being one-way

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> Microsoft Excel You can export SharePoint lists to an Excel Table, which creates a one-way data connection between the Excel table and the SharePoint list.
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Is there anyway to have a two-way sync?

*... the end users want the speed and flexibility of editing, conditional formatting, freeze panes, etc. that they're used to in Excel*

Answer: 
There is no way to have two-way sync out of the box (OOTB) between Excel and a SharePoint List as Microsoft deprecated this feature 10 years ago. OOTB Options include creating a new SP list from an Excel file and exporting a list to an Excel file.

To have bi-directional sync, you need a third party tool such as [SharePoint List Synchronizer](https://www.synchronizer-for-excel-and-sharepoint.com). Disclaimer: this product is edited by SoftFluent, my employer.
As far as I know the two-way sync is no longer available, it used to be possible in SP 2010.

'Export to Excel' is still possible, so you can set up e.g. a linked Template for a report and even make graphs that will be refreshable with new data from a Sharepoint List.

Something like 'Freeze Panes' could be achieved with a little creativity and web-parts - perhaps make linked lists in two web parts on a page.

Conditional Formatting is possible using 3rd party add-ins like Sparqube. They have an Indicator column which can highlight cells and lines based on field:value combinations. Or just stick to the Excel conditional formatting and used a linked file.