Simulated keystrokes containing arrows or function keys cannot trigger application hot keys (due to a behaviour change several versions of macOS ago), so the action should not cause a change to the space.
Whether the key is swallowed or not, I don’t know.
Assuming it is not swallowed by the system when it does not process the hot key, then the keystroke should go through to the target application, and could presumably cause the action to move up or down if that is the normal behaviour of the keystroke.
What do you want the macro to do?