When you check System Preferences, the keyboard that was previously added, is still there, but no longer works as advertised.
If you reboot your computer, Word reverts to the 'minimize window' behavior. When you initially add the shortcut and return to Microsoft Word, everything works as advertised. System Preferences > Keyboard > Shortcuts > App Shortcuts I manually edited the keyboard shortcut in System Preferences: Word (and/or my Mac) still minimizes the window. I've tried re-writing (forcing) the keyboard shortcut in the 'Press new keyboard shortcut:' menu. > Categories > Command FormatParagraph, it says: Occurs regardless of the keypress timing combination.
Since my recent upgrade to Catalina, now when I press the same keys, Word fails to recognize the ALT (⌥) key, which is then translated as ' minimize window' keyboard shortcut command (⌘+M). Previously, whenever I press the ⌥+⌘+M keys, Word would pop-up the It appears that the keyboard shortcut for paragraph editing (⌥+⌘+M) in Mac Word (v16.30) was broken by a recent upgrade to Catalina (10.15).