In Windows 10 21H2, how to change the target of a folder shortcut if the Shortcut tab is not available in Properties dialog?
Solution 1:
Notice how the "shortcut' has an actual size. It's not a shortcut, but instead a symbolic link. You can delete it and create a new one on the command line using mklink (requires an elevated Command Prompt):
mklink /D path\to\link path\to\target
In contrast to a regular shortcut, this will be seen by programs just like a regular folder (which regular links are not).