Thank you Dazzabozza for the clear, graphics supported, assessment for this issue that I am also experiencing. Yes, rolling back from Windows 10 Controlled Folder Access (Defender ransomware protection) is the simplest end user solution.
May I please request Microsoft Engineers step up, weigh in with their solution on how to that if Defender notifications are going to continue being the norm, then please have the notification provide either display the full drive/path to the application's EXE, and/or provide an on the spot opportunity to allow/approve the application's EXE.
This issue, IMO, is so ridiculous, I am now encountering this issue frequently, and am really not looking forward to the stop in my productivity just to clarify/allow within Defender the hard drive apps's EXE I am attempting to use. I had to add "mspaint" as an allowed app!