I see what you mean, but unfortunately, as I said, it doesn't work.
Here's what's happening:
I go to settings and by default, the images folder is specified already as: /home/wedgem5/public_html/cms/
As you described, I am now able to "view parent folder" and navigate to the root, which is /home/wedgem5/public_html.
But when I try to select the root and click save, the images folder path is prepended with the original, resulting in this:
No matter how many times I try, PowerCMS continues to prepend the original path to the /cms/ folder.