Everything leads to believe that at one time this was a supported function, therefore it wouldn't be surprising that it is used in some code somewhere (legacy code obviously.)
Another problem is, when MS decides they will no longer support some function, even if they document it, not everyone that used it will notice that the function is no longer supported.
What makes it worse is that, the function is actually supported, the code is there all the way to Win 11 but, MS makes it available only by ordinal.
if MS actually supports the function, as they obviously do since it is implemented in Win 11, they should let legacy code use it. It makes no sense to support it and claim it is not supported when the reality is the opposite of that.
The only real difference between the "unsupported" function and the supported one is the name. It's a "You say potato, I say pot-ah-to" situation.
Just as a factoid, there are dozens (if not more) of undocumented functions that are either forwarders to documented functions or direct jumps to a documented function. Why in the world there is an undocumented name for a documented function is a "Microsoft mystery"

Maybe they just like to create undocumented stuff to waste people's time (about 60 seconds per occurrence since a disassembly clearly shows the equivalence.)
Anyway, defining SHRegSetValue (as it is in shlwapi) is, as you know, a potential problem since the _named_ entry point no longer exists.