Android studio v4.2.1 installation folder not recognize when I select Help -> Edit Custom VM Options... it show below path.
Whereas my Android Studio installed in C:\Android\Android Studio. I set STUDIO_VM_OPTIONS=C:\Android\Android Studio\bin but not working.
Seems you are not installing Android Studio to the default location path which is : C:\Program Files\Android\Android Studio, and the Android SDK should be installed at : C:\Users\username\AppData\Local\Android\Sdk.
Check out this URL for guidance : https://www3.ntu.edu.sg/home/ehchua/programming/android/Android_HowTo.html#:~:text=by%20default%2C%20the%20%22Android%20Studio,Local%5CAndroid%5CSdk%20%22.
Try to re-install your Android Studio using the default options and paths.