Hotfix 3 stated that target lock no longer required the key to be held when engaging but this is not the case.
In this clip, if you advance frame-by-frame, you can see it takes ~28 frames (about 0.5s) from the moment I press my Target Lock key (Q) to the moment the lock engages/disengages. This delay, combined with target swap issues (shown in the second part of the clip) severely disrupts the flow of combat and can lead to unintentional losses.
The second part of the clip shows inconsistencies with target swapping. I was not able to swap between the two targets on the lower level, but swapping between the two distant targets worked as intended with just a tap of the key.