When trying to use a hard link (mklink /J <target> <source>) as part of the java executable path it will claim that it can't locate the runtime while in the explorer the path works just fine. (The actual error as seen in the screenshot is actually different from the "not found" error as exists says file, not false)

I personally use that method to not have to change the java path in all applications manually to use the latest JRE after updating it. I just use a simple script to update the link to the latest version and it works in lots of programs. (That for some reason don't support %JAVA_HOME% like the launcher doesn't as reported in MCL-10475)