If you want to develop in the WSL put it somewhere in ~. Though where exactly there massively depends on your sense of what a clean folder structure looks like. Personally I roughly follow ~/Projects/<language>/<project_name>.
If though you want to develop in windows, you need to follow the windows folder hirarchy conventions which I have no clue about. Also be aware of the fact, that then you probably need to install Erlang, Elixir, NodeJS on windows as well.
Though as far as I know, VScode supports some “edit on windows, run on WSL” feature, my coworker constantly talks about, but I have really no clue how to set it up, and if this works with the elixir toolings available.
Thanks for the advice. Yes I will be developing in the WSL. ~/Projects/<language>/<project_name> does look clean and easier to locate a project in the future and also, VSCode when using the Remote WSL extension connects to my WSL Ubuntu so, “edit on windows, run on WSL” feature is quite pleasant as of now.