I checked my hard drive and I still do have folders and files in my \CyberLink\PowerDirector\21.0 folder (MyParticles,MyTitles,MyTrans,etc are all present with folders and files within them)
It is acting like PD365 isn't looking in the right location for my Favorites and is just showing 0 now.
I added a title to My Favorites but it did not add anything to the "MyTitles" folder
Updated to v21.0.2214.0
Same thing happened when it updated to v2213
I did open up a ticket with support.