That option has been there for a long time. When moving the odrive folder, it will not move the cached data with it, so it starts in a "fresh" state (all placeholders). You would need to use the "Move odrive folder" function and then copy in the data from the now old odrive folder.
The best way to do this is:
1) Make sure everything is in sync and odrive is idle
2) Choose the "Move odrive folder" option and choose the new location
3) The new location will have all placeholders (.cloudf files for all of your storage links)
4) Move the contents of the old odrive folder to the new odrive folder. This means that your link folders will be copied alongside their placeholder couterparts. When odrive detects this it will get rid of the placeholders and scan the folders to see if everything matches the cloud.