Insufficient permissions to write menu folder

Product Help Packages & Environments
1

I issued the following at the Anaconda prompt:

(base) C:\>conda deactivate
C:\>conda update --all

Everything looked find except the last few lines:

Retrieving notices: done
Channels:
 - defaults
Platform: win-64
Collecting package metadata (repodata.json): done
Solving environment: done
## Package Plan ##
  environment location: C:\Users\Fred.Ma\AppData\Local\anaconda3
The following packages will be downloaded:
    package                    |            build
    ---------------------------|-----------------
    anaconda-navigator-2.6.5   |  py311haa95532_1         5.3 MB
    anyio-4.7.0                |  py311haa95532_0         262 KB
      <...snip...>
    sqlalchemy-2.0.39          |  py311h54f65d0_0         6.6 MB
    ------------------------------------------------------------
                                           Total:        24.6 MB
The following NEW packages will be INSTALLED:
  backports.tarfile  pkgs/main/win-64::backports.tarfile-1.2.0-py311haa95532_0
  evalidate          pkgs/main/win-64::evalidate-2.0.3-py311haa95532_0
  jaraco.context     pkgs/main/win-64::jaraco.context-6.0.0-py311haa95532_0
  jaraco.functools   pkgs/main/win-64::jaraco.functools-4.1.0-py311haa95532_0
The following packages will be REMOVED:
  importlib_metadata-8.5.0-hd3eb1b0_0
The following packages will be UPDATED:
  anaconda-navigator                  2.6.5-py311haa95532_0 --> 2.6.5-py311haa95532_1
  anyio                               4.6.2-py311haa95532_0 --> 4.7.0-py311haa95532_0
   <...snip...>
  sqlalchemy                         2.0.37-py311h54f65d0_0 --> 2.0.39-py311h54f65d0_0
Proceed ([y]/n)? y
Downloading and Extracting Packages:
Preparing transaction: done
Verifying transaction: done
Executing transaction: / Insufficient permissions to write menu folder.  Falling back to user location
\ Insufficient permissions to write menu folder.  Falling back to user location
   <...spinning dial for a while....>
done
C:\>

In previous updates, I get Executing transaction: done. I’ve never before gotten the Insufficient permissions to write menu folder.

I searched this forum and found nothing. Google reveals just one GitHub thread with this output, but it wasn’t deemed to be a problem.

Is this just new behaviour, and is it in fact not a problem?