In case of the GCC project the Toolchain_Path, the STM32Cube_Path and the ST-LINK_Utility_Path can be adapted in file /build/devenv.cmd.
Using the IAR project the path C:\STM32\STM32Cube_FW_F7 is expected for the STM32Cube_FW_F7 package.
One solution would be to move the STM32Cube_FW_F7 package to C:\STM32\STM32Cube_FW_F7.
Another solution would be to modify the path to STM32Cube_FW_F7 in the IAR project file \Template\Project\EWARM\Project.ewp (text editor, search & replace).