%APPDATA% means "wherever on this machine the AppData folder is hidden".
Usually, that's on C in a folder that may be called Users followed by your name.
You end up in a folder called something like C:\Users\Rivets\AppData\Roaming\Microsoft\Windows\SendTo which on my machine contains links to Bluetooth, Desktop, Skype, and TeamViewer.
Not a lot of use, really. Or at least, I don't use it. I start at the top and find the folder I want.