No. On German and Swiss layouts, that key is a dead key: it doesn't type anything by itself when you press it. It's meant to combine with another subsequent keypress in order to yield a whole glyph with a diacritic as in, e.g., backtick followed by "e" giving "è."
It's been a while since I've been at a proper QWERTZ layout aus dem Sprachgebiet over a US QWERTY keyboard, but my memory is that the dead keys have odd behaviors when you try to incorporate them into shortcuts.
The alt+[key]. On linux it is alt+tab (between different apps) and alt+[key physically above tab] (between windows of the same app), regardless of keyboard layout. Moving the shortcut away from there or even to convoluted things like "Alt+Shift+´+Space" seems very strange, hence the the question.
