If in case you do mean project folder, yes, you can create or have several of them. With any song you then create after, on the drop down to export the song to a project, you'll see them all, depending on how many you made. In the Projects page, you can also save your project to a new location. It will default to a project sub folder, or you can create a new location. Just be aware of what your latest or intended project folder is. It's best to name the folder what your intentions are.
Example: if the project was called
"Cool Breeze"
You could add another project from the Project Page (or song) called "
Cool Breeze final master".
When you open a song, you'll have both selections to the song to your project, so it really pays to clearly name them