As an alternative, you can add Paste Formatting to the Quick Access Toolbar. Go to File>Options>Quick Access Toolbar. Select All Commands in the dropdown at the top. Scroll down to Formatting (Paste Formatting). Select it, click Add in the center, and then OK. Anytime you want to paste the formatting, copy the cell or range, click on the location where you want to paste it, and click on this icon in the Quick Access Toolbar to paste only the formatting.

Another quick way is to use the Format Painter. It is especially useful if you want to copy the formatting from a single cell to a range of cells. Select the cell you want to copy the formatting, click on Format Painter in the Clipboard section of the Home ribbon, and click and drag the selection where you want to add the formatting. This can also be added to the Quick Access Toolbar if desired.