This is an interesting new addition in MacOs Sequoia. Basically a native Mac shortcut (Control+Enter) to open the contextual menu without having to imitate a right-click of the mouse. It means the mouse pointer doesn't have to be hovering over the highlighted item in order to get at the contextual menu.
This opens up a lot of possibilities with accessing items that are only available on an App's context menu, with Keyboard Maestro.
It plugs a hole in MacOS. As the article says, this feature has long been available in Windows (in fact Windows has a dedicated key for it). There have been AppleScript workarounds before but never reliable. Now it is part of the Mac OS.
Many people have asked in many threads if it's possible to detect if there is a flashing text cursor in an active text field. That new feature could solve that problem, because if you are in a text field, then CTRL+ENTER would bring up a unique contextual menu. But I can't recall if there's a way for KM to read the visible menu items in a contextual menu, so we might have to use OCR or Image detection. Still, this is a new option for us to solve problems.
Although the article I linked to mentions "text fields" in fact the new shortcut brings up the context menu for any highlighted item (such as a selected song in the Music app). So, it wouldn't work to detect if a text field is selected or not.
Note that the file needs to be selected (i.e. highlighted) but the mouse pointer does not need to be over the selected file, the mouse pointer can be anywhere on screen.