I am currently using Monterey. These are actually simple steps to set up the shortcut. (NO coding required! yay! 😌)

open Automator

It is under Applications > Other > Automator. Once open a new file, select Quick Action.

For convenience, if the window is blank like below, select View > Show Library.

Use the search box to find Launch Application. Then double-click or drag it to the right-hand side.

Change the application from the default Contact to Terminal. (Select Other... and Terminal can be found in the Utilities folder)

Select Run on the upper right of the window to make sure the terminal is launched as expected. Then save the file. I have my file named open terminal.

open System Preferences

Under System Preferences > Keyboard > Shortcuts > Services, find the file name. By clicking on it, select Add Shortcut and set up the keyboard shortcut you prefer. I use cmd+opt+T as linux command.

And now it is all set up! 😬