Press Alt+D in File Explorer to focus the address bar, type wt -d ., and press Enter. Windows Terminal opens with its working directory set to the folder you were browsing.
Why -d .
-d sets the starting directory. Without it, wt . throws an error:
error 2147942405 (0x80070005) when launching `.`
Windows Terminal treats the bare argument as a command to run, not a path. -d is the flag that marks it as a directory.
Why the Address Bar
Commands run from the Explorer address bar execute in the context of the current folder, so . resolves to wherever you are in Explorer. Alt+D works even when focus is in the file list. F2 also works.