I upgraded to v11.0.4 today. The launcher macro for Calendar works, but after about 20 seconds, a popup appears in the top right corner of the screen. It says
It's just got a hot key defined (option-shift-G), and it says to Activate Calendar, All Windows, and if already at the front, leave it at the front. Same as my other launchers, all of which work fine.
If that happened to me, the first thing I would do is re-create the macro from scratch, after deleting it. That's because it sounds like the issue might be a bad pointer in the macro to the app. There's only a 10% chance that it will fix the problem, but if you have 30 seconds free, give it a shot.
I had tried copying a different launcher and changing it, but that didn't work. I tried your suggestion, and … it was in the 90% probability, not the 10%. Didn't work. Thanks for the idea, though.
Probably best to show your macro in case anyone sees something. It's easily done by selecting the Macro then using Edit > Copy As > Copy As Image and then pasting into a Reply box here.
I'm not certain why that notification is appearing. But you can at least disable the notification by selecting the gear icon (far to the right of where it says Activate Calendar) and unchecking the option for Notify On Timeout.
What I would do in your situation is create a new macro which triggers when Calendar becomes the front application, and what the macro would do is make a beep or say "Calendar is at the front."
You can do whatever you want, but that's how I would prove to myself and others that it really is at the front. Since we can't see your screen, providing this information could be persuasive.