Adobe Experience Manager (AEM) can be run locally using the AEM as a Cloud Service SDK's Quickstart Jar. This allows developers to deploy to, and test custom code, configuration and content prior to committing it to source control, and deploying it to a AEM as a Cloud Service environment.
Note that ~ is used as shorthand for the User's Directory. In Windows, this is the equivalent of %HOMEPATH% .
Full Documentation: https://docs.adobe.com/content/help/en/experience-manager-learn/cloud-service/local-development-environment-set-up/aem-runtime.html