Yes I am using the latest version, and I’m using msbuild, not makefiles. If I click on the fastsemihosting files in visual studio, it shows the paths as relative to the project, not the localappdata. Please let me know if there is a way to fix this.
I figured out that the issue was I was including <iostream>. Removing this reference brought down my code size by ~160KB. I needed iostream to use cout, which I then replaced with printf. I am surprised that there is no newlib replacement.