My favorites are defined like this
With this button...
Favorites EXCLUDEBRANCH="Favorites Bar" NOOPENINTABS USEQUALKEYS
... they look like this in a toolbar:
Adding FOLDERCONTENT has a couple of side effects: The FTP short names get expanded...
... and the other arguments (EXCLUDEBRANCH, NOOPENINTABS, and USEQUALKEYS) are ignored.
FOLDERCONTENT itself seems to be struggling. The marked menu is shown for every folder in SMB.
Cloud and the folders to the right, however, look alright (the two fritz.os/ entries are FTP sites as well):
Using FOLDERCONTENT=button will show this favorites top menu for all folders:
