In v1.7.5.8, editing and saving the old command does fix this, however, in line with the ancient issue, it only takes effect once the profile is reloaded.
This also means that a newly created profile will not have this action operational until it is reloaded.
For mouse button shortcuts, a newly created profile will have them working only if the command containing the shortcut was created at the same time the profile is.
If the profile is saved(using "Done", as "Apply" is not available until it has been saved at least once), then edited to add a mouse button shortcut(either for a new or existing command), the mouse shortcut will not work until the profile has been reloaded.
For the "Restrict Mouse Movement" action, it does not matter whether the command is created during or after profile creation.
EDIT: Testing with v1.7.5.12:
The "Restrict Mouse Movement" action now works immediately.
Mouse shortcuts added after profile creation still require a profile reload, unless a command with the "Restrict Mouse Movement" action is added, in which case both will work correctly.