I thought VS Code saves all the relevant metadata in .vscode folder and .code-workspace file and as these are contained within the workspace folder I assumed it's all self-contained and shouldn't cause problems when moved. But apparently I was gravely mistaken.

After moving my workspace folder to a new location and altering folder paths saved in .code-workspace file accordingly all my opened editor panes and the bottom panel are gone. What I have now is a nice Welcome window.

I'm aware of what the official guide recommends, but that's only moving .code-worskpace metafile - the folder still stays in place.