@truesymmetryaa Don't point to any executable file, just point to where you want Opera to put the user data.
Something like --user-data-dir=C:\operaprofile1\ for example.
So the shortcut should have something like this in its target field: "C:\Program Files\Opera developer\launcher.exe" --user-data-dir=c:\operaprofile1\
Change the paths to match your launcher.exe location and desired profile directory