The upgrade install probably doesn’t mess with existing entries there. If you delete them and re-install, it may fix the paths, although it may be easier to just set them correctly.
With those incorrect settings, you’ll probably have trouble if you go to Elements | Manage Files in the Manager and try to browse the existing files on the site or if you use the RTE when editing a document and try to insert a link to an image file.
Glad it worked. Thanks for reporting back.
. Thanks for your help/suggestions - kept me going!