Managing Linked Images in Photoshop files

Using version 19.14 on a MacBook.

I'm attempting to use photoshop and it's smart object image file-linking capabilities the same way I would link an image file in Illustrator or InDesign: Within a project folder, I have a layered photoshop file with external links, along with a subfolder containing all those linked images. My expectation was that if I moved the project folder, Photoshop would still understand the location of the links relative to itself and the "links" subfolder, the same way Illustrator and Indesign handle it. I especially assumed this due to the way the "package" function will create a folder structure like what I'm talking about.

Unfortunately, it doesn't seem to work this way. Moving the project folder breaks the links, much like very old versions of illustrator used to. However, if all of the links are on the same level in the project folder, they will stay intact. This is less than ideal and makes me wonder why the package function works the way it does.

Is there a preference I need to check or something that will allow for relative linking to a "links" folder, or is this just how it works in this version? I'd like to work with links like this because I'm making several assets that would use the same links over and over again, so having them saved as externally linked files that serve multiple master files would greatly reduce file size.