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As well as the Save to Disk tool, there is Send to Device tool, which can be a folder - i.e. a pseudo-device.
To accommodate the differences between the many file systems calibre supports, the folder and file names within a library may be transliterated into ASCII, and shortened.
For their output folder and file names Save to Disk and Send to Device use the values stored in the database - i.e
Irène Némirovsky and
Suite française, whereas within a library diacritic-free values would be used - i.e.
Irene Nemirovsky and
Suite francaise .
Its an even bigger issue for languages that don't use the Latin alphabet. And for long values (often found technical book titles) the shortening of values, coupled with transliteration, can result in some odd looking folder and file names within a library folder.
BR