I upgraded to 11.0.3 and also upgraded to Sonoma 14.5. I have lost the ability to update my variables! If I set variable to text, the variable does not update. I'm running the same config on my iMac (Intel) and MBP (M1). Both work. My MBP (Intel) however is totally broken. I tried to downgrade to 11.0, but no luck.
Checking the log is very good, as ComplexPoint suggests, but a similar quick test is to open the KM debugger (such as from the KM Engine system menu on the top of your screen.) If the Debugger opens up, that tells you the KM Engine is running. Also, it will let you observe if macros that you expect to run are actually running. (To see very short macros run, you may need to click on "Pause New Macros" because sometimes KM is so fast you can't see the macros in the Debugger window.)
I understand. But still, it happened. No evidence in the log. Again, it only occurred in one of three computers, all running the same version of KM and the same version of Sonoma.
I fixed it (heavy handed, I admit) by:
rm -rf ~/Library/Application\ Support/Keyboard\ Maestro