Unfortunately, it doesn’t seem to work on this particular keyboard. Seems to be a common complaint, given what others have posted on the same topic.

The workarounds I’ve found to be useful are to add the eject menu bar item, and to remap the ‘Application’ key (between the Alt and Control keys on the right side) as eject.

The default mapping for the Application key is a warp-speed Command-Tab, which I didn’t find to be all that useful, so this has been a decent solution for me.

On windows keyboards F12 doubles as a dashboard and eject key. Just hold it down a second or so and it will send the drive tray out.