This update is quite a disruptive update so feel free to join the Modding discord if you need help. Overall this fixes with errors new installs where getting saying "Install on the same drive as VTOL VR" after a new update Valve released to Steam.
The Mod Loader now gets installed to its own folder "VTOL VR Mod Loader" and in directories "Manager", "Managed" etc.
If you get any errors from an existing installation, it would be best to uninstall and reinstall to get the new folder mappings.