@lushifii No, your saves won't be present until you move over the save files themselves. Again, this is the point: to test with no content present and then to add it back gradually so you can find out whether any of this content is causing problems.
When I say the files themselves, I mean the files inside the saves or Tray folder. As in, do NOT drag the saves folder from the old Sims 4 folder to the new Sims folder. Instead, open the two saves folders and drag the actual saves, the files inside, from the old folder to the new one.
If you're still confused, please read the guide I linked and have a look around your folders. Sometimes it's easier if you can see for yourself rather than just reading a description.
The red X means the folder isn't being synced. Have you told OneDrive not to sync Documents at all, or did you merely pause syncing? If you haven't blocked Documents from getting synced on a permanent basis, please do that first. It's the topic of this guide I posted earlier:
https://support.microsoft.com/en-us/office/choose-which-onedrive-folders-to-sync-to-your-computer-98b8b011-8b94-419b-aa95-a14ff2415e85
I wanted to double-check because not changing this setting could cause you problems down the line.