Register page redirect to custom URL

On the current version of the plugin, is there a possibility within the plugin itself to redirect to a new page after user registers?

Please note that I have activated registration but admin needs to approve users before they can login.

Currently, by default it redirects to the login url with the redirect parameters. I just simply want to redirect to thanks page.

I also tried using the following code in functions.php with no luck.

add_filter( 'registration_redirect', 'fm_registration_redirect' );
function fm_registration_redirect() {
    return home_url();
}

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