Photos 5 on macOS 10.15.4 Catalina does not reconnect referenced files fully after moving the originals to a different folder

• When I try to reconnect referenced files in Photos 5 on macOS 10.15.4 Catalina, it does not work, if the enclosing folder has a different name than before. Here is a test:
  • I created a small test library with a few referenced photos. Then moved the folder with the referenced imaged to the second internal volume. Now the badges on the thumbnails have been showing a broken arrow:
  • Clicking the broken arrow brought up the "Locate Referenced File" dialog. I pointed Photos to the new location of the folder and the referenced files have been reconnected. The first time has been easy - when moving to a different volume and not renaming the folder.
• But when I repeated the experiment - I renamed the folder and moved it to a different folder on the same volume, I could no longer manage the referenced files at all.
  • Now clicking the broken arrow does not allow to reconnect the originals. The command is unresponsive.
  • The command "Show referenced file in Finder" is shown as active in the File menu, but unresponsive. I can no longer reveal the referenced files in the folder.
  • Photos seems to have reconnected the originals partly. Even with the broken arrows badge as an overlay on the thumbnails I can edit and share the referenced files. Also the command "File > Consolidate" is working. But the badge overlay is still showing the broken arrow and the original cannot be revealed.

It seems to be impossible to reconnect to renamed or moved referenced originals correctly. The reconnection will be incomplete. Photos cannot reveal the file and the broken badge remains. All we can do at that point will be to consolidate the referenced files.

To fix our referenced files, we will have to reimport them.

Before using a referenced library with Photos 5 on Catalina I recommend to wait for a bugfix, and to test this feature with a small test library.