I can confirm this. Recently renamed a user as I handed off an old PC to my wife. The old directory is still there but now all the files within it are inaccessible. Caused a lot of issues!
This shouldn't happen. The directory is still there, but it also should still be your profile directory. Changing a user name shouldn't change the SID and make your files inaccessible.
Lots of things with Windows should not happen, but they do. It shouldn't forget that I have bluetooth hardware installed, but it does. Windows just (in)conveniently forgets things. Or, conversely, remembers things that should be forgotten.
It's a rare operation that most people don't ever do, and so receives little testing. Certainly little testing in a real, deployed, messy system, and not just a pristine, vanilla QA image in some Microsoft Windows test bed.
Best to just wipe and reinstall.