I've been using Adobe DNG converter to render RAW files. There's an option to use the Built-in renderer. I've kicked Adobe to the curb when I retired. But I still want to use Photo Mechanic 6. How do I make it switch to "Built-in Renderer" in the Render Cache section of PM? Thanks!
Based on your screen shot, it should be working as long as the DNG Converter at that location exists, works on your system, and is up-to-date enough that it can handle the RAW files that your camera(s) produce.
Note: it is glacially slow. But, once the previews have been created, it's quite snappy.
-Kirk