In my case, the entire procedure required less than 30 minutes.
At the end of the process, all of my files, templates, etc. were back in their original locations—so, apart from that half-hour, the workaround had zero effect on any of the applications that rely on specific file paths.
The Microsoft support person I dealt with had this to say:
Wow great workaround :)
I'm glad that the feature has been restored on your end with the workaround and will be sure to notify the engineering team of this.
We will endeavor to extensively test this and ensure the use case on multiple scenarios.
Again, it worked for me—quick, easy, and problem free.