I'm running Ventura 13.6. In multiple apps (e.g. Finder, Preview, Music, Google Chrome, Omni Outliner), -F is the shortcut for "View/Enter Full-Screen", and -E is the shortcut for "Edit/Emojis & Symbols".
And, System Settings/Keyboard has a "Press key to:" control, which can be set to "Change Input Source", "Emojis & Symbols", "Start Dictation (Press Twice)" or "Do Nothing".
So, it still would be nice if the key could be used in Keyboard Maestro triggers.
If you want to use fn as a modifier because of the special position (bottom left), then do it with BTT. Many KM users use both apps. This has many advantages.
If you just need additional modifiers, then there is a KM macro that lets you distinguish between left and right modifiers. That means, left cmd + letter can trigger a different action than right cmd + letter.
It (the Fn Key, also called Globe) works for me, as a KM hotkey, using Sonoma. But in order to make it work I had to go into the System Settings / Keyboard page and switch "Press Globe key" to "do nothing." In fact, I've been using it for months without knowing that it wasn't supposed to work.
@Tom I have not tested this, but it should work. If you want to use fn + letter as a hot key, don't set fn to "do nothing" but to control. It won't show up, but fn should now be your right control key, which you don't have on most keyboards. There is a macro in the KM library that distinguishes between left and right modifiers. This allows you to trigger something with left control + letter (normal) and additionally with right control + letter (i.e. fn + letter).
I hope what I am telling you is correct.
Edit: By the way, this should also work with the Caps Lock --> right control. In my opinion, this is the simplest and most reliable method for Hyperkey, because a "real" modifier is pressed instead of four virtual ones.