No, the problem is something else. The new HWiNFO64 can be started from any folder but for the OSD to work properly it requires to be located in a "secure" folder. But otherwise it will work.
The problem
@Thinkpad sees is different. Applications with uiAccess cannot be started using certain functions like CreateProcess which is also used by Task Scheduler. That's why the HWiNFOLauncher had to be created as it spawns HWiNFO using a different function. The same problem affects the PA.Launcher. I have reached out to PA if they have some solution for their launcher.