No!
As I mentioned above, the location of the Plex data has nothing to do with the location of the Plex executable.
Your first screenshot shows your current Plex data folder. (Which is not identical with the install location of the Plex executables.)
The second screenshot shows your actual media files.
The third screenshot shows what is apparently an old Plex data folder, which hasn’t been in use since 2022.
That means your current Plex data folder is in the default location.
I recommend you to treat the software update first, before doing anything about the location of the Plex data folder.
Once you’ve successfully updated the server software, you read:
In your particular case, you should probably clear out drive M: completely, before performing the procedure described in the linked post.
(if you have a high number of media items, I recommend that drive M: is an NVMe drive.)
