Default Export Path in features settings does not work, features get written to drupal document root

In the admin screen "/admin/structure/features/settings" at the bottom there is a DEFAULT EXPORT PATH.
I've used this in the past to configure where I want my features to be generated.

It doesn't work any more, and my features are being generated in the drupal document root.

I've used these entries in that field...
/sites/all/modules/custom
and
sites/all/modules/custom

Both generate the same behavior.

When I click through a feature creation, and go in to Advanced Options to "generate feature" (where it writes it to a folder) I type in the name of the folder, after I've already set the default in the settings screen.

It then generates the folder in the document root

I know the path exists... and no errors are being generated in the database logs.

If I type in the full path in to the field where I name the folder, it will write it in the correct location.

This is a regression from previous versions behavior.