on Windows with the recent version v.1.81.x, my folder projects do not run the shellArgs when I open the projects first time, but if I kill the terminal and start it again (ctrl+j) it works and loads the venv fine.
from .vscode\settings.json
"terminal.integrated.shellIntegration.enabled": true,
"terminal.integrated.shellArgs.windows": [
"powershell -noexit -command \"& {C:\\dist\\venvs\\trk-fullstack-test\\Scripts\\Activate.ps1}\""
],