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Folders don't migrate to albums, but while you're in Classic, drag your folders down to the Collections panel to convert them into collections. You'll have a bit of cleanup to do, but it's quicker than recreating organization after migration.
You can still have the originals stored locally. You can set that location in Preferences, and it would be worth doing that before you migrate.
All albums will be available on your mobile devices, but it only syncs very lightweight info, so it doesn't take too much space (my 60k 600GB of photos takes about 1GB on my phone)
1) What happens to my old folder structure? does it get reflected in the new "album" structure?
No. That structure will be lost
2) Do I still have a local folder where all assets go to on my iMac?
Yes but it will not be user accessible really. You can check the preference to have a local copy of everything in the cloud but that negates the rationale for moving everything into the cloud a bit.
3) Will it be the case, that I manually select the albums I want to sync on my mobile devices?
No. With CC everything will be synced. You can't selectively sync although that might come in a future version. What you are describing is how the classic version of Lightroom works. There you manually selected the collections that you want to sync to cloud and therefore mobile.
I didn't know from the old catalogues of Lightroom clasic will not move to the Lightroom CC and I synchronized everything. Now I have one "Lightroom catalog" catalogue with 21,000 photos. I can sort it out automatically. I was upset that after a few years of cataloguing, now the shell has been craving for everything right away. Request help.