Presets folder missing in Effects panel in 25.6.x/Beta

I’m missing the “Presets” folder in the Effects panel in Premiere Pro only in versions 25.6.x and the current Betas.
I disabled OneDrive document redirection, reset preferences (Alt / Shift+Alt on startup), deleted all Premiere prefs/profile folders (Documents + AppData), and did a clean reinstall without importing any old settings – no change.
I tested multiple versions: 24.x, 25.0 and 25.5 all show and use the “Presets” folder correctly, but 25.6.1, 25.6.2 and the Beta builds do not show it at all.
For now I’m staying on 25.5, where presets work as expected.