There’s a simple way to launch any Application from a Service hot key.
Launch Automator, make a new Quick Action [Service].
In the search bar, type Launch.
Drag Launch Application into your workflow.
Select the Application name.
[Terminal itself doesn’t show in the Applications list, so you have to use ‘Other’ & find it manually, in Applications/Utilities.]
Save the Quick Action & give it a useful name.
Find that name in the Keyboard > Shortcuts > Services menu, & add a hotkey.