Updated, 2/18/20, 8am PT:
Windows Latest reported yesterday that Microsoft customer support workers are aware of the problems caused by the KB4532693 update. One person told the outlet that "Microsoft is aware of this known issue and our engineers are working diligently to find a solution for it." The company hasn't updated the support article related to the KB4532693 cumulative update with information about the issue, however, even though it's already acknowledged a different problem with the update.
Original article, 2/14/20, 4:43am PT:
Windows 10 is having an identity crisis. Reports claim the latest cumulative update to the operating system reverted certain settings to their defaults, removed files from the desktop and even loaded people into a temporary user profile upon restarting.
Microsoft released the Windows 10 KB4532693 (opens in new tab) cumulative update on February 11 to address issues with cloud printers, improve the Windows 10 May 2019 Update installation process and make security upgrades to many of its first-party services.
Bleeping Computer reported that numerous people have complained about the previously mentioned problems with the KB4532693 update, however, and Microsoft was said to have acknowledged those complaints in a statement.
The outlet also guessed how exactly the KB4532693 update is causing problems. It's possible that Windows 10 loads a temporary profile used during the installation process, rather than the normal user profile, even after the update's fully installed.
It's not clear if that's actually what's happening, though, or how people should fix the issue. Bleeping Computer said that restarting the affected system multiple times appears to have helped some users, but that seems more like a fluke than anything.
By now many Windows 10 users have probably come to expect issues like this with operating system updates. Microsoft struggled to deliver stable cumulative updates in 2019, and so far, it doesn't appear to have totally addressed the problem in 2020.