P: Graphic Watermark "Choose" always opens last export folder

Since updating to Lightroom Desktop 9.4.1 on macOS, the "Choose" button for Graphic Watermark always opens the last photo export folder instead of remembering the last folder used for watermark PNG files. Even after selecting a logo from a different folder, clicking "Choose" again still opens the last export folder. Resetting Lightroom preferences does not resolve the issue.