Everytime I renamed my folders, I have to go through every path in plugin settings and I forgot some of them. Then, things don’t work. This is a very important feature.
A reply to give this another vote of support. I was adding the Journal plugin and have folder locations for daily, weekly, monthly, quarterly and yearly journal entries. This led to some housekeeping for all my plugin related files, and I moved my root folder related to Obsidian plugins. Now I have to go and check all plugin configs for possible folder locations, or just wait to see which plugin behaviour is broken. The folder update feature would be extremely helpful.