Mine doesn’t work when I use Ctrl + Alt + left-click on the edge ring to subdivide.
Check preferences for where ALT might be enabled to emulate middle-mouse functions. If Emulate 3-button mouse is enabled, Alt will create a different function.
Another thing that might be enabled which would mess with this default hotkey is under Keymap in preferences - Alt Tool Access. By default, that should be switched off, and can create an issue with the hotkey demonstrated.