If you didn’t already know, the scroll button can also be clicked like a button on pretty much every mouse. If you are using a mouse with a middle button or clickable scroll button, you can also just click that button to get a new instance without having to hold down any key. Once there, you can hold down SHIFT and then click on the icon. All you need to do is open one instance of Excel so that it shows up in the taskbar.
Note that you don’t have actually have the Excel icon pinned to your taskbar. If you already have one instance of Excel open and the Excel icon is on your Windows taskbar, you can just press and hold the SHIFT key and then click on the taskbar icon and it’ll open another instance. If the Excel icon doesn’t show up in the list of most used apps, you can just go to All Programs or All Apps and open it from there.