Valheim F5 menu not working seems to be a common occurrence for many players after the latest update.
On March 23, Iron Gate released a new patch which players say made the F5 menu stop working. The scale of the patch was large, and players attribute that to affecting the gameplay for console users. Multiple guides explaining how to fix the issue have since been released by members of the Valheim community, but there does not seem to be a response from the the Valheim team or Iron Gate AB.
Players who have been affected will have to close the game first, then open up the properties window from the Steam library. After that, in the General tab, take a quick look at Launch Options and in the blank space type "-console" inside the Launch Options box. Then, launch the game.
Valheim F5 Menu Not Working: How to Fix
Allegedly, this should assist console players who use F5. Some players attribute the F5 activation error with the following section of the new patch notes: "The console command for enabling developer/debug commands has been changed to “devcommands” from “imacheater” and a warning message has been added."
Developers have been interacting with Reddit users and Twitter users since the release of the patch, given that the F5 menu issue was not the only problem upon release. Certain players claim their MS has gone up to 500, but asides that the patch has been received with positive feedback from the community given that this was done by a small studio.