Keyboard shortcuts visually updated on menus

Is there a way to update what you see on the menus for the shortcuts that are added or changed for the application it was changed in? System Preferences changes are updated in the menu. Just wondering if I am missing something or this is a feature coming in the future.

No. The system shortcuts can do that, but Keyboard Maestro cannot (and likely never will be able to).

Try Keycue.