Wow, never would have guessed that would cause it! Was able to fix the issue by going into my saved games folder:
C:\Users\%USERNAME%\Saved Games\Diablo II Resurrected\
And then changing the “char.keyo” file to “CHAR.keyo”. Also did the same for “char.ctlo” file. Keybinds are now working correctly!!
Thanks for pointing me towards the solution!!