The console key may have been assigned to a completely different button on first launch. A missing overlay can also mean CET failed to load at all, rather than a keyboard problem.
3-step CET overlay recovery
Tick the fixes as you perform them locally; this checklist does not modify your game.
Do this in order.
Short, practical steps. Check each result before moving on.
Exit Cyberpunk 2077.
Do not edit CET bindings while the game is open.
Reset the overlay key.
Rename bindings.json in the CET plugin directory; this should allow a new hotkey prompt on launch.
Turn off conflicting overlays.
Close RivaTuner, Discord overlay, Overwolf and other display hook utilities temporarily.
Test Windowed Borderless.
The CET documentation recommends it when fullscreen prevents the overlay from appearing properly.
Read CET log if it still fails.
Inspect bin\x64\plugins\cyber_engine_tweaks\cyber_engine_tweaks.log; no log often means the plugin is not loading.
Tilde is not a guaranteed CET bind
Unlike the old console folklore, CET asks you to choose an overlay key on initial setup. That key may be something other than tilde. The simplest clean recovery is resetting bindings.json and choosing an unused shortcut.
Fastest clue: if there is no CET log, fix the installation before trying different keys.
Quick questions.
Why does pressing ~ do nothing?
CET uses the key you assigned, not a universal always-on tilde bind.
Will deleting bindings.json delete my saves?
No, it resets CET keyboard mappings. Rename the file first if you want a backup.
Can I use CET in Windowed Borderless?
Yes; the CET troubleshooting guide specifically suggests this display mode when overlays conflict.
Sources and version notes.
Game patches, mod versions and tool syntax can change. Links below let you check the latest publisher or maintainer guidance. Illustrative charts and examples are labeled rather than presented as measurements.
Original topic-specific cinematic hero artwork; not a gameplay screenshot.