Cemu expects key.txt to be located in the same directory as the Cemu.exe executable. For example:
The future of Wii U emulation looks promising, with ongoing development and support from the Cemu team and the gaming community. As technology advances, we can expect improvements in performance, compatibility, and features, making the emulation experience even more enjoyable.
In the context of the Cemu Wii U emulator, the file is a configuration file used to decrypt and run games in (disc image) formats. Cemu Emulator Essential Review of keys.txt