There is also no way to create a NEW preset folder. The menu command Develop/New Preset Folder doesn't even work. Now you have to create a GROUP when creating a new preset. Strangely, Lr does create a new folder named after the group but you can not go to the NEW LR 7.3 preset location and manually move the presets around and have the changes reflected on a Lr restart as FOLDERS have no meaning to the preset. The GROUP is stored in the XMP file and the actual location of the preset is ignored by LR. There must be some reason for this design only known to Adobe. See here for more info. Lightroom Classic 7.3 Menu command Develop/New Preset Folder no longer works | Photoshop Family Customer Community
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