That ssshould be fixed now, by a Steam patch Valve released on Friday.
But do be cautious if you’re asked.
The page even advised manually backing up your local saves.

Elden boy Ed says he saw this problem last week and was prompted to pick his saves.
Thankfully, he chose wisely.
But I’ve seen quite a few people lamenting losing hours of progress.
just revamp your Steam client to the latest version.
I assume that’sthis Steam update, which does have quite a few changes with Steam Cloud bits.
Steam should automatically check for an update and go to install it.
That’ll surely impress spectators.
The PC version of Elden Ring has also suffered problems withperformance, crashes, and assorted frustrations.
They’ve said they’re working on fixes.
A shame this marred the launch, because the game’s a good’un.
Ed’sElden Ring reviewcalled it “an unmissable journey through the most impressive open world to date”.