I don't think you can limit the Folder view to a mid-level folder and exclude the contents of all lower folders. You can let CL know you'd like to have that feature by using
Rate Us & Provide Suggestions under the Help menu.
One way to see the contents of only a folder like that would be to use
Import Folder... and browse to it, then make sure the
Include Subfolders box is not checked from the Impoirt Photos window. You can do this even if you've already imported these photos and you'll end up with the contents of just that folder along the bottom (if you have the Photo & Browser view on [
F6]).
Click on one of them then type Ctrl+A to select them all, then click on the
+ to the right of Albums tool and choose
Create Album from Selected Photos.