Answer
No — the IEE client always generates this kind of output file into the current logged-in user's Windows temp directory by default, and it ignores whatever default save location is configured in Excel's own options; that setting simply has no effect on where IFS puts the file. Users need to explicitly use Save As (not just Save) in Excel every time to move the file to a directory of their choice, or it will eventually be deleted along with the rest of the temp directory contents.