That is the correct location to identify MicroStation CONNECT's base "ConfigurationPath". You can do a quick test like we use for PowerShell shell enhancements:
for /f "tokens=*" %a in ('PowerShell -c "gp -Path HKLM:\SOFTWARE\Bentley\Installed_Products\* | Where {$_.ProductName.Equals("""MicroStation""") } | Sort-Object Version | select ConfigurationPath | select -last 1 | ft -HideTableHeaders" -AutoSize') do set MSWORKSPACES=%~saWorkspaces\
HTH,
Bob
for /f "tokens=*" %a in ('PowerShell -c "gp -Path HKLM:\SOFTWARE\Bentley\Installed_Products\* | Where {$_.ProductName.Equals("""MicroStation""") } | Sort-Object Version | select ConfigurationPath | select -last 1 | ft -HideTableHeaders" -AutoSize') do set MSWORKSPACES=%~saWorkspaces\
HTH,
Bob