Yep! It's basically just a button that tells the OS "open the system calculator"

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I looked it up, the Human Interface Devices usage "Consumer Control" code assigned to "Application Launch - Calculator" is 0x0C0192 or 0x192

This keypress is sent as a scancode/keycode, not an ASCII character. On Windows, this opens calc.exe by default, but you can change which app opens in response to the calculator key by editing the media key mappings in the Registry