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The existing Ctrl + F shortcut is provided in Edit → Search in the top menu.
This is an incorrect setting that was created due to low understanding of the program as the generations of developers changed several times.
When using the Photoshop 'Application Menu' shortcut key, pressing the Alt key together will execute the command with the previous applied value.
For example, after adjusting the color with the curve command, press Alt + Ctrl + M.
The curve command is executed with previously applied values.
Likewise, set the 'Use Last Filter' command to the existing shortcut key, Ctrl + F,
When you use a filter and press Alt + Ctrl + F, the filter command runs with the previously applied values.
When running the 'Application Menu', the Alt key is not only applied as a shortcut key,
The same applies to executing by clicking the menu or executing by clicking Alt + left mouse button.
For example, when executing a curve command by clicking it in the menu, it is executed by pressing Alt + left mouse button.
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You are reporting this as a bug but it was intentionally reassigned back in CC2017 and I doubt the default would be changed back now.
You can change the setting on your PC by editing the keyboard shortcuts. Some discussion in the 2016 thread below when the change was made.
https://community.adobe.com/t5/photoshop-ecosystem-discussions/ctrl-f/td-p/8609295
Dave
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Try Ctrl+Alt+F if you are having trouble in Windows with activating the menu system.
Although you selected both macOS and Windows as Topics, menus have never been activated with Option on macOS since the very beginning since Macs have always had a mouse.
Windows 1.0 and 2.0 were released before most folks were using a mouse on PCs and everything had to have a way to work with only keyboard shortcuts.
Using Alt to activate the menus is a Windows-only thing.
Jane
EDIT: I didn't see Dave's post as I was typing.