the devs moved the files around the H&H update so there is a bit of confusion as to where everything is,

try checking

C:/users/<yourusername>/AppData/LocalLow/IronGate/Valheim/

there should be two folders under that, worlds and characters.

one thing of note, I use Linux so the slashs are going to be reversed on a Windows system and I'n not 100% sure thats where you'll find the files on a Windows system but hopefully its a start.

good luck