Alt+. is a bash (libreadline really) key.

In fish Alt+Up does something similar, but repeated presses iterates over all words of all commands rather than last words of bash commands. A big improvement is you can type some chars first and then Alt+Up only gets words matching this substring — like Up but word granularity! (Closest bash key is Ctrl+Alt+I)

If you don't mind the differences, and want Alt+. muscle memory to work in fish too, do:

    bind \e. history-token-search-backward

(plus Alt+Up doesn't work for me in linux console, Alt+. does)