In the current implementation Qt uses ‘&’ as a signal to underscore letter and use it as a hot-key, which is not expected for case of wallet name.
The comment in the code regarding the use of an “&” on a menu item is misleading. If a wallet name has an “&” in it, it is not supposed to be interpreted as a hot-key, but it should be shown as it is without replacing it to an underscore.
See screenshots before & after: