I followed the steps on this stack post and set the shortcut to ⌥ L on my MacBook Pro (13-inch, M1, 2020)
I can confirm that I see this change in the menu -
However, when I try using this shortcut, it doesn't work! I assumed there might be another function associated with this shortcut already, but I couldn't find anything that uses this shortcut in the keyboard shortcuts menu inside system preferences.
The weird part is, this works on my old macbook (MacBook Pro 13-inch, intel i3, 2017) as well as on my office macbook (MacBook Pro 13-inch, intel i7, 2019)
Am I missing something?
Update: I am not sure how relevant this is, but I was testing if the keys work properly, to begin with https://keyboardchecker.com/
I used the delayed screencapture command to take screenshots while holding the keys down on the keyboard.
I was able to see both the keys being detected individually:
However when I held ⌥ L it showed "Dead"
I am really not sure what this means, or if it's relevant to this issue, but I thought I would add this for anyone who might find this useful to help me with my question.