Custom menu does not display shortcut modifier when the shortcut has the Control modifier

How to reproduce:
1. Open “MenuItemShortcutBug.zip”
2. Press "Custom Menu" in the menu bar
3. See the drop-down menu options

Expected result: Menu option displays shortcut as ^M
Actual result: Menu option displays shortcut as M

Reproducible with: 2021.3.27f1, 2022.3.3f1, 2023.1.1f1, 2023.2.0a20

Reproduced on: macOS Ventura 13.2.1 (Intel)
Not reproduced on: Windows 10

Notes:

• Shift, Command, and Option modifiers display correctly (%, &, and #)
• Shortcut works, but is not displayed properly