No, I physically moved them to the new location; then I changed the filepaths in the settings so they point to the new location. From there onwards, new files were uploaded to the new location.

If you just change the settings without moving the old files, it will create folders for the new location and upload new files to the new location from there onwards, but you will get errors if you click on any of the previous files, because it will go and look for them and they won't be there (it doesn't report an error, but hangs).