The tree view is only used for displaying Files currently. It shows all content in a grid with arrows at the left hand side so each item can be opened to reveal additional layers:
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This is particularly useful when a project has multiple folders added as you can drill down into multiple sub layers:
If you filter, sort and group the tree view and get to some settings you like you can use Saved page settings to save the view so that every time you come back to this page it shows with the same settings.