This technique works best in Word, but you can also use it in Excel. There is a keyboard shortcut to delete the current word.
The shortcut is Ctrl + Backspace.

When creating a formula in Excel that shortcut has another use that I covered in the blog post below.
Note: in Excel you may now need to use Ctrl + Shift + Backspace. Whichever works – it can be useful.
When you are in a text box (or in Word) the shortcut deletes the word that the cursor is next to.

Another useful shortcut to add to your toolbox.
Feel free to try it in other apps. It works in WordPress.

I suspect this shortcut works in any Microsoft product… I just tried it in Notepad and the address bar in Microsoft Edge and it works in them as well, so I’m guessing, without further testing, that this is a universal shortcut for Microsoft products.