I just upgraded from v14 to v16 and imported my profile from the old to the new. However, in the v16 version, my places bar is still showing the "default" list with "Recent Files" on top and no "Favorites" folder. I've double-checked that UseStandardOpenFileDialog is set to false (unchecked in settings and/or by setting it via command line). I've also tried it on the "Default" user profile and tried creating a new user profile from scratch and the same issue is present.
Anyone else having the issue?
Next step is to try to uninstall and reinstall v16 to see if that clears it up.