I just tested TeraTerm and found that the arguments need to be in the form of...
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<add key="TerminalAppArgs" value="/C=4"/>
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pip list adafruit-ampy
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PS D:\Downloads\teraterm-4.105> pip list adafruit-ampy
Package Version
------------- -------
adafruit-ampy 1.0.7
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<add key="TerminalAppArgs" value="/C={PORTNUM}"/>

Good luck!
EDIT: You can download it again... I have left the defaults for TeraTerm... although you have to change the path to the EXE!