Finding things in Finder · Opening and using moved files
Will my Finder sidebar favourites and apps' Open Recent lists still work after a move?
Short answer: Yes, while the drive is connected — the shortcut sits exactly where the item was, so favourites, Open Recent and saved paths still lead to it. With the drive unplugged they appear but won't open until you reconnect it.
Yes, while the drive is connected. Nothing about the original location changes from your point of view — the shortcut sits exactly where the item was — so Finder favourites, Open Recent menus, Dock stacks and saved paths all lead to the same place and simply follow it to the drive.
When the drive is unplugged, those entries still appear, but opening one fails because the real item isn't reachable. Plug the drive back in and they work again with nothing to fix.
If you want a folder to stay reachable on the go without the drive, move it back first — see travelling without your drive.