In my case works but with a slight modification of the path:
import "openzeppelin-contracts/token/ERC20/ERC20.sol";
The path you mention:
import "openzeppelin-contracts/contracts/token/ERC721/ERC721.sol";
throws me this error:
Error:
Compiler run failed
error[6275]: ParserError: Source "lib/openzeppelin-contracts/contracts/contracts/token/ERC20/ERC20.sol" not found: File not found.