Tried changing the community folder using both the first SU2 and the latest version. I can select the new folder, I get the msg box saying I need to restart, but on the restart the original folder is still being used. Going back into My Library and selecting the small gear again shows the original community folder, and not the new one. Rebooting the PC doesn’t make a difference.
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This is a known issue:
SU2 Won't change the Community folder and even by editing config it won't read the contents - User Interface & Activities - Microsoft Flight Simulator Forums