s3hotkey.exe is a process associated with S3 Hotkey from S3 Graphics, Inc. This software is found on laptops incorporating the S3 Twister integrated graphics card and is used to switch between monitors. Disabling or enabling it is down to user preference.
Warning: Multiple instances of S3HOTKEY may be running on your pc at one time. Some of these may or may not be the legitimate versions.
Recommendation
s3hotkey.exe should not be disabled as it is required for essential applications to function properly.