Does excel have an arrow key shortcut to skip blank cells?

No, but set it up this way, and Tab and Shift+Tab will take you to the next and previous highlighted row. First do this:

  1. Change your formula to =IF(MID($C2,5,1)=" ", 1, "") (copying down, of course)
  2. Highlight the column (Ctrl+Space will do that if you're in any cell in that column).
  3. Press F5, then Alt+Special, Formula, de-select Text, then Enter

    • To exclude errors, de-select Errors in step 3 also. (e.g., when LEN($C2)<5, but you could also change the formula to account for that)

Now the Tab key will step you through each cell in that column that has a numeric value in it (1). It also has the added bonus that in step 2 above, you can see the total of the highlighted rows in the status bar at the bottom of the screen (Sum:).

In short: No.

The Ctrl+arrow keys will recognise only truly empty cells. There is no keyboard shortcut out of the box that can evaluate cell contents to jump to the end of a cell range with similar content, like formula results, error values or similar.

You could do Ctrl + F to Find that True or False data value you want. Click on Find All to get a List displayed in the dialog box which shows you all the locations where your formula is true of false.

Do you need more than just jumping around to the different areas?