I was trying to make the text bigger in the VMware PowerCLI shell. When I tried to apply the changes, an "Error Updating Shortcut" message. After clicking OK, the changes would apply, but wouldn't persist after closing re-opening.
This was happening because the program didn't have access to the shortcut, so it couldn't to modify it. To get around this error, simply run the console elevated (aka "as administrator"). The error should go away and the changes should persist.