Saved directory keeps switching location between AppData\Local\UnrealEngine\5.4\Saved and <Project>\Saved

I have a project I’ve been working on in 5.4. For quite a while, all relevant data had been getting written to the ProjectDir\Saved directory (e.g., log files, save slots, autosaves).

For some reason, I’ve come to realize that the editor has changed to start writing this data to AppData\Local\UnrealEngine\5.4\Saved instead – but only some of the time. When I start the editor and it autoloads my project, I can see that it creates the new log file in the AppData Saved area. If I continue to edit, run in PIE, etc, all of those related files also appear there.

However, if I switch to another project, and then switch back, all of that data now goes into the ProjectDir Saved area like it used to. My only indication of this change was that I noticed a few settings had suddenly reset one day, and I now think it was because it probably started using the AppData Saved location and was thus starting with fresh data. The only thing I remember is that I think I had experienced a few editor crashes close to that time.

I really would like it if everything was saving to my ProjectDir\Saved folder at all times. This back-and-forth split just seems likely to lead to some issues over time.

Any thoughts on how I could even start to approach troubleshooting why this is happening?