If your workflow is like:
1. Manipulate current directory
2. Run some program
3. Manipulate current directory again
4. Run yet another program...
You can actually consider current directory as immutable already.
It became "badly mutable" for example if you manipulate the current directory and this change is observable from a program point of view which is already running. Would that be really useful?
To clarify I am not trying to say that absolutely everything should be immutable but it's fun thought experiment how far you can go.