I think it would be much more useful if the projects search facility:
… searched all projects, not just those in the selected folder. It’s not only an extra step to select a folder, but you have to remember which folder a particular project is in.
The search is very flexible - it’s only necessary to type a few characters from anywhere in the project name. So it would be easy to find a site without having to first specify a folder - even for users with hundreds of projects.
It would also make the feature to sort projects by accessed date more useful. You might want to see a list of the last few projects you’ve been accessing - regardless of what folder they happen to be in.