You have a file selected in File Explorer when hitting the hotkey?
It uses this group:
GroupAdd,ExplorerGroup, ahk_class CabinetWClass
GroupAdd,ExplorerGroup, ahk_class ExploreWClass
with #IfWinActive ahk_group ExplorerGroup
If the active window is anything else, like a third party file manager, the hotkey will not be active.
As a test I would try one that does not use the function keys. Maybe change it to Control Shift z or something, just to see if that gets a reaction. Maybe something else is using Shift F11 already.