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roscd changes to a location based on where the package.xml file of a ROS package was found.

After you built and installed a package the installed files do not have any reference to the source files. E.g. consider a Debian package which is basically an installed package. The source files are not even present in the Debian package. Similar after installing you could delete your source files.

This behavior is not specific to colcon but happens the same with any other tool when you actually install the packages and don't use the devel space (which is a custom ROS catkin thing).