(I think some of my keys are not responding haha, sorry for the typos!)
The [Save As] command in Photoshop does NOT necessarily use the folder of the source raw file.
The [Save As] command knows 'nothing' about Lightroom-Classic, or its options.
The [Save As] command, appears to me, to be using the 'Last Used' folder location for a previous [Save As]. (In my test the folders were several dated folders 'apart' !)
If you want the file returned to Lr-Classic in the same folder as the original source file - you MUST USE [SAVE] (and [Close] ). Do NOT use [Save As]. This is one of the RULES of using Lr-Classic 😉
If you insist on using [Save As] then YOU must select the Folder where you want the file saved!