You create Libraries in the Libraries panel, down as a tab in the Project panel. Click the 'hamburger' three-line menu, you get the following:
They only allow for the one local templates folder, but you can specify Libraries be either CC cloud or local folder.
Many of us have posted requests on the UserVoice system for returning better local general folder choices.
You can use your CC desktop app to set Libraries on the cloud, other controls for them. Once you get the hang of them, they're quite useful for many things.
And it looks like your clip shows the 2017 EGP on the right, and the 2018 EGP on the left ... they did remove the folder structure things for general local storage. That capability was also very handy for many things.
You're most welcome to go to the UserVoice system and search for EGP folder or graphics folders or whatever people have filed on this, and add your 'voice' to requesting a return to a local folder structure.
Adobe UserVoice Bug /Feature form: https://adobe-video.uservoice.com/forums/911233-premiere-pro