On the image below, i have a module datastore as part of the IdeaProjects project.
For display purposes, the name of the project is irrelevant for me. Is there a way i can chose to not display it?

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Folder name can be hidden if you switch to the Packages view. It’s not ideal as you might want to see other files as well, but I’m afraid it’s the only way right now.
You are welcome to submit a request to make it configurable.