Here's an old post from the ME groups. Note many other side effects happen as well.

A few days ago I posted a query about my Screensaver hotkey not working.
One tip suggested using a download from PC-Mag, which I used.  It didn't
resolve the problem but the advice was appreciated.  Thanks 'PCR' for
making me think deeper!!

However, I've now solved the problem.   As TweakUI no longer works for this
task I used  the Microsoft fix to remove the arrows from the shortcut
icons, (see Q126631), that is remove the IsShortcut entry in HKEY_CLASSES
ROOT.  This not only removes the arrow, (as advertised), but it also
disables any hotkeys attached to Desktop shortcuts.

Hope this may be of interest to someone out there.  I am aware that the
problem with the arrows, (more an irritation than a problem of course),
arose as a result of the recent MS security fix to Shell32.dll so perhaps
others may be affected.
.
Oh well, we live and learn.

Here is one more, Kelly.

Double Vision:  http://www.pcmag.com/article2/0,1759,438777,00.asp

Google Groups: View Thread "Duplicate context menu items":
http://groups.google.com/groups?hl=en&lr=&ie=UTF-8&oe=UTF-8&threadm=%23IofKp3nDH
A.2268%40TK2MSFTNGP12.phx.gbl&rnum=2&prev=/groups%3Fq%3DIsShortcut%2Bauthor:dura
nd%26hl%3Den%26lr%3D%26ie%3DUTF-8%26oe%3DUTF-8%26selm%3D%2523IofKp3nDHA.2268%254
0TK2MSFTNGP12.phx.gbl%26rnum%3D2

Last month, I asked this question to David (referring to a Q in EE), similar one. The questioner solved the problem by recreating IsShortcut entry.

What are the side effects, Ramesh?

Remove Shortcut Arrows (Line 185)  Right hand side
http://www.kellys-korner-xp.com/xp_tweaks.htm

This procedure has some side-effects. TweakUI seems to be the best option.

TweakUI v2.00 for Windows XP/XP MCE [564 KB].
http://download.microsoft.com/download/whistler/Install/2/WXP/EN-US/TweakUiPower
toySetup.exe

TweakUI v2.10 for Windows XP SP1/XP MCE/2003 [147 KB].
http://download.microsoft.com/download/f/c/a/fca6767b-9ed9-45a6-b352-839afb2a267
9/TweakUiPowertoySetup.exe

Set it to "Light Arrow"

1. Remove Shortcut Arrows: use Regedit to change names of keys from
'IsShortcut' to 'IsNotShortcut' in the following places:

[HKEY_CLASSES_ROOT\InternetShortcut]
...
"IsNotShortcut"=""

[HKEY_CLASSES_ROOT\lnkfile]
...
"IsNotShortcut"=""

[HKEY_CLASSES_ROOT\piffile]
...
"IsNotShortcut"=""

2. Restore Shortcut Arrows: restore original key names (replace
'IsNotShortcut' with 'IsShortcut')

Don't forget to backup your registry before you start fiddling with it.