SUMMARY
When I upgrade my Arch install via pacman -Syu, custom global shortcuts stops working. They do start working again when I go to System Settings > Shortcuts > Custom shortcuts.
The issue may be related to this one: https://bugs.kde.org/show_bug.cgi?id=470772

List of packages that were updated:
aalib-1.4rc5-17
bind-9.18.16-1
bluedevil-1:5.27.6-1
breeze-5.27.6-1
breeze-gtk-5.27.6-1
btrfs-progs-6.3.2-1
discover-5.27.6-1
docker-compose-2.19.0-1
drkonqi-5.27.6-1
exiv2-0.28.0-2
firefox-114.0.2-1
fluidsynth-2.3.3-1
ghostscript-10.01.2-1
glib-networking-1:2.76.0-2
grub-2:2.06.r566.g857af0e17-1
gst-plugins-bad-libs-1.22.4-1
gst-plugins-base-1.22.4-1
gst-plugins-base-libs-1.22.4-1
gst-plugins-good-1.22.4-1
gst-plugins-ugly-1.22.4-1
gstreamer-1.22.4-1
iana-etc-20230524-1
kactivitymanagerd-5.27.6-1
kde-cli-tools-5.27.6-1
kde-gtk-config-5.27.6-1
kdecoration-5.27.6-1
kdeplasma-addons-5.27.6-1
kgamma5-5.27.6-1
khotkeys-5.27.6-1
kinfocenter-5.27.6-1
kmenuedit-5.27.6-1
kpipewire-5.27.6-1
kscreen-5.27.6-1
kscreenlocker-5.27.6-1
ksshaskpass-5.27.6-1
ksystemstats-5.27.6-1
kwallet-pam-5.27.6-1
kwayland-integration-5.27.6-1
kwin-5.27.6-1
kwrited-5.27.6-1
layer-shell-qt-5.27.6-1
lib32-duktape-2.7.0-6
lib32-glib-networking-2.76.0-2
lib32-gst-plugins-base-1.22.4-1
lib32-gst-plugins-base-libs-1.22.4-1
lib32-gst-plugins-good-1.22.4-1
lib32-gstreamer-1.22.4-1
lib32-libcups-2.4.5-1
lib32-libproxy-0.5.2-1
libkscreen-5.27.6-1
libksysguard-5.27.6-1
libproxy-0.5.2-1
libsynctex-2023.66984-10
linux-zen-6.3.9.zen1-1
linux-zen-headers-6.3.9.zen1-1
milou-5.27.6-1
mupdf-1.22.2-1
nodejs-nopt-7.2.0-1
oxygen-5.27.6-1
oxygen-sounds-5.27.6-1
perl-net-http-6.23-1
plasma-browser-integration-5.27.6-1
plasma-desktop-5.27.6-1
plasma-disks-5.27.6-1
plasma-firewall-5.27.6-1
plasma-integration-5.27.6-1
plasma-nm-5.27.6-1
plasma-pa-5.27.6-1
plasma-systemmonitor-5.27.6-1
plasma-thunderbolt-5.27.6-1
plasma-vault-5.27.6-1
plasma-wayland-session-5.27.6-1
plasma-welcome-5.27.6-1
plasma-workspace-5.27.6-1
plasma-workspace-wallpapers-5.27.6-1
polkit-kde-agent-5.27.6-1
powerdevil-5.27.6-1
python-asgiref-3.7.2-1
qbittorrent-4.5.4-1
qpdf-11.4.0-2
sddm-kcm-5.27.6-1
svt-av1-1.6.0-1
systemd-253.5-2
systemd-libs-253.5-2
systemd-sysvcompat-253.5-2
systemsettings-5.27.6-1
texlive-basic-2023.66594-14
texlive-bibtexextra-2023.66594-14
texlive-bin-2023.66984-10
texlive-fontsrecommended-2023.66594-14
texlive-formatsextra-2023.66594-14
texlive-games-2023.66594-14
texlive-humanities-2023.66594-14
texlive-langgreek-2023.66594-14
texlive-latex-2023.66594-14
texlive-latexextra-2023.66594-14
texlive-latexrecommended-2023.66594-14
texlive-mathscience-2023.66594-14
texlive-music-2023.66594-14
texlive-pictures-2023.66594-14
texlive-plaingeneric-2023.66594-14
texlive-pstricks-2023.66594-14
texlive-publishers-2023.66594-14
util-linux-2.39-10

SOFTWARE/OS VERSIONS
Operating System: Arch Linux 
KDE Plasma Version: 5.27.6
KDE Frameworks Version: 5.107.0
Qt Version: 5.15.10
Kernel Version: 6.3.8-zen1-1-zen (64-bit)
Graphics Platform: X11
Processors: 8 × 11th Gen Intel® Core™ i5-1135G7 @ 2.40GHz
Memory: 11,5 GiB of RAM
Graphics Processor: Mesa Intel® Xe Graphics
Manufacturer: Acer
Product Name: Aspire A515-56
System Version: V1.26