Policy
Cut and copy objects with cells
This policy setting sets the "Cut, copy, and sort inserted objects with their parent cells" option found under File tab | Options | Advanced | Cut, copy, and paste Options. If you enable or do not configure this policy setting, Excel will cut, copy, and sort inserted objects with their parent cells. If you disable this policy setting, Excel will not cut and copy inserted objects with their parent cells.
d939e2182887 L_CutAndCopyObjectsWithCells Registry
Copy registry mappings
HKCU\software\policies\microsoft\office\16.0\excel\options\binaryoptions\fobjwcellmove_71_1 (enabled) = 1
HKCU\software\policies\microsoft\office\16.0\excel\options\binaryoptions\fobjwcellmove_71_1 (disabled) = 0 Policy notes
This policy setting sets the "Cut, copy, and sort inserted objects with their parent cells" option found under File tab | Options | Advanced | Cut, copy, and paste Options. If you enable or do not configure this policy setting, Excel will cut, copy, and sort inserted objects with their parent cells. If you disable this policy setting, Excel will not cut and copy inserted objects with their parent cells.