Hello!
I'm on Windows 10.
If I run the exe by double clicking from explorer, I get dumped into /.
If I run msys2.exe from cmd, it correctly navigates to my $HOME as defined in /etc/nsswitch.conf
If I pin this running process, later invocations dump me into /.
The CHERE value in msys2.ini has no effect.
The msys2.ini values do show up in the terminal environment
Here is the created shortcut

Thanks!