mhotkey.exe is used for configuring additional keys on Chicony keyboards. This is a non-essential process.
Disabling or enabling this is down to user preference, however disabling may disable the special keys.
Non-system processes like mhotkey.exe originate from software you installed on your system. Since most applications store data in your system's registry, it is likely that over time your registry suffers fragmentation and accumulates invalid entries which can affect your PC's performance. It is recommended that you check your registry to identify slowdown issues