I'd like an option to hide full folder paths in the areas circled in red (any maybe other places I've forgotten about)

There's two on the home screen, and then one under the document when you mouse over a tab. Perhaps an option to clear the recent items list from the UI for both lists in the home screen.

It's primarily to hide things while streaming. For instance, I might have a full folder path with an unannounced game's name, but the final "folder" has a generic name like fire so that's fine.