You would need to use Retrieve data table column into list first to have it as a list variable, because Read from Excel worksheet will create a data table by default when you read a range, and Reverse list won't work on data tables. If you retrieve it into a list, you can then use Reverse list to reverse it.
Alternatively, instead of using For each loop, use a simple Loop action and iterate from %ExcelData.RowsCount-1% to 0 by incrementing %LoopIndex% by -1 on each iteration. You can then get your variable as %ExcelData[LoopIndex]%.
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