It is just the unc path to the profile .vhdx Same location for both.

Is it the UNC path? I've got some weird local folder called ProxyCache. I'm wondering if this is a Cloud Cache thing

Not using cloud cache indeed.

Ah OK, I guess it must be. Time to turn on the lab and add CloudCache and see what gives. I told myself I'd never switch the lab on again.... 😞

in case it helps, mine is the same as Geert described. Also not using CloudCache