I have recently upgraded to macOS Big Sur 11.0.1 from macOS 10.15.7 on my 2016 MacBook Pro.
In Finder, there is a new (?) folder called "On My Mac" which I have never seen before.
It contains nothing useful, just an empty "PDF Expert" folder and a "BBEdit" folder with a file called "BBEdit Backups" which is of type "alias" (so I guess it's an alias of something).
This folder doesn't have any parent folder, it seems some kind of root folder (or very close to), but it for sure was not there in Catalina.
Does anyone know what it could be and if I should do something with it?
Following the suggestion in the comments I have dragged the folder on a Terminal window. Nothing happened but it disappeared from the Favourites sidebar in Finder. For the records, rebooting the Mac or logging out/in makes it reappear with the same contents.

right click on the folder
→information
→location
. You might also want to show all hidden files by pressingcmd
Shift
.