1. Pick a couple images in an LR Classic folder and use right-click Edit In>Open As Layers in Photoshop
2. Save As... the stack as a PSD
3. Exit PS
4. Back in LR, switch to a different folder
5. Again pick a couple images and Open As Layers in Photoshop
6. Save As... the stack
At this point, the Save As... operation starts in the working directory from the last operation (step 2). In other words, it's offering to save files from \x\ in \y\. This is annoying, because you then have to return to LR to determine what folder the files really originated in, and then navigate to that location in the PS save dialog.
Obviously it would be OK if you were still working in the same folder, but in real-world editing it's almost always a bad choice. For example, today I edited a stack of layers from \2022-06-29\ (using the common YYYY-MM-DD directory pattern), and PS offered to save them in \2022-05-30\ which is the last location I worked in.
Perhaps you could argue that this is merely an unfortunate design choice, but I think it's worse than that. Not only does it differ from the behavior of most applications (where it's rare to Save As... a file to a working directory other than the file's original directory), but it differs from PS' own behavior when editing single files (Edit In>Edit In Photoshop 2022...). If the user doesn't notice the discrepancy, it's likely to be hard to find the edited stack later, because it'll be in a different folder than the sources.
Bottom line: the default working directory for Save As... following an Edit as Layers operation should be the same as the source images in the stack. (There might be rare cases where images come from different folders, but in that case the default location should still correspond with one of the images, not some random location from previous activity.)