Current working path of batches evaluates to distinct folders for different users

Why a Windows batch file can have a different current working directory when started normally versus with Run as administrator, causing %CD% to point to a Windows system folder.

Lets have a batch with the following content:

   1:  ECHO %CD%
   2:
   3:  PAUSE

Then this batch runs by double-clicking in the folder with the batch:

Screenshot for Current working path of batches evaluates to distinct folders for different users

But if you choose Run as administrator the current working path switches to C:\Windows\System

Screenshot for Current working path of batches evaluates to distinct folders for different users

Why ever …