It's still around and used. I see it most often with my lawyer clients. Hotkey templates and key words. Idk when they talk about issues it sounds like marketing buzzwords to me haha. I rarely use any word processing apps.

Or even Ami Pro's keyboard settings, where each function key was mapped to a paragraph style. F2 = body text. F5 = bullet list. F6 = number list. F8-F12 = heading levels 1-5 (from memory, it's been a while). Function keys in Word are so useless that I can't even remember what they do (except for F9 which is super broken).