Keyboard shortcut to open the sidepanel of a Chrome extension not working

I am developing a Chrome extension. How do you add a keyboard shortcut to open the sidepanel of this Chrome extension (using manifest v3)?

I have added this to manifest.json:

  "action": {
    "default_popup": "profiles.html"
  },
  "side_panel": {
    "default_path": "sidepanel.html"
  },
  "manifest_version": 3,
  "commands": {
    "_execute_action": {
      "suggested_key": {
        "default": "Alt+Y",
        "mac": "Alt+Y"
      }
    },
   "open_side_panel": {
      "suggested_key": {
       "default": "Alt+W",
        "mac": "Alt+W"
      },
    "description": "Open the side panel"
    }
  },
  "background": {
    "service_worker": "background.js"
  }

And I have this in background.js:

chrome.commands.onCommand.addListener((command) => {
  if (command === "open_side_panel") {
    chrome.sidePanel.setOptions({
      path: 'sidepanel.html'
    });
    chrome.sidePanel.show();
  }
});

I have thoroughly tested it: Alt+W does not open the side panel of my extension. Alt+Y opens the popup of the extension though.

I have also tested with this in background.js:

chrome.commands.onCommand.addListener((command) => {
  if (command === "open_side_panel") {
    chrome.tabs.create({
      url: chrome.runtime.getURL('sidepanel.html')
    });
  }
});

The keyboard shortcut Alt+W then works, but it opens a new tab with my Chrome extension side panel webpage, it is not opening the side panel in the sidebar.

Is it possible to open a Chrome extension sidepanel with a keyboard shortcut? I am asking because I use Chrome v126.0.64 (fully uptodate)v and there is no sidebar icon any more by default. I have added it back and use it daily for some extensions like Raindrop:
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