What is your S drive - is that a corporate Network location or is it a Dropbox type location? We have reported in the last few weeks issues that are caused by Syncing Processes by Tools like Dropbox, Box, We Transfer etc. and potentially similar issues caused by One Drive or Google Drive etc. These have been an issue for a while and you should disable the Sync Process while working and turn it on after you have finished because those systems can interfere with TBCs Read / Write processes especially when you are working with external data like Point Clouds or Imagery etc.
If it is just a Network Drive that should work, I cannot say I have tried it recently, but unless your IT team have changed permissioning or security on the drive, there is no known reason why that will no longer work. Working off a Backup Drive or Thumb Drive is basically the same process and that is working fine as I do that all the time personally, but if it is a corporate Network I would take a look at that with your IT department.
I will ask Trimble if they are seeing anything like this as a reference