The "Show drive labels as:" Preferences option is ineffective, the "This PC" node content still shows [Labbel][DriveLetter] in that order. See option set:
I've censored my other drives, the C drive is sufficient to prove the issue, as it's also depicted in the preferences option to begin with, how things are supposed to look like as they're set.
The option shown in your initial screen shot only affects the Folder Tree (which is why it's in the Folder Tree category in Preferences). There currently isn't a similar option that affects the file display, unfortunately.
I see now. My bad. I expected it to take effect anywhere 'applicable'. Can this be now considered a feature request for the back-log? Thank you in advance.
Isn't there some other place to adjust the appearance of "This PC"?
It looks like this for me and I think I remember having tweaked the appearance to my liking, I'm on win7 though.