For me the most practical way seems to be:
-Search first for %PATH_FROM_WHERE_CODEBLOCKS_IS_RUNNING%/codeblocks.ini
-If not found in the above (almost all times), search for it in %APPDATA%/codeblocks/codeblocks.ini
The default and prefered way would be %APPDATA%/codeblocks/codeblocks.ini
The first way can be used for example, when running C::B from a USB key, or when using multiple installations of C::B with different configurations