FAQ for Shortcut Key Explorer v1.04   

Where do Windows shortcut keys work?

You can create hotkeys for shortcuts in many places within Windows. Below is what Microsoft lists as the locations that shortcuts work:

Windows Explorer looks in 4 places for hotkeys, these are read on startup. The hotkey is stored in the shortcut. Only hotkeys on shortcuts in the four locations are live.

%UserProfile%\Start Menu
%AllUsersProfile%\Start Menu

Each shortcut, that has a hotkey, will execute if they exist in those directories (and after reboot).