With enabled Controlled Folder Access of Windows 10's Defender, the setup fails to create a desktop icon (showing the message PersistFile::Save failed, code 0x80070002) - despite running with administrative privileges.
Furthermore the installed application (which is NOT run with administrative privileges) fails to write to folders of the user, e.g. Documents.
This happens even for new files or folders, which do not overwrite anything existing. This is a Windows Defender ransomware protection introduced with Windows 10 Fall Creators Update.