By default, a new folder is created for all new projects. The ArcGIS Pro application settings may specify that a folder should never be created for new projects. If the CreateProjectFolder property is not set, and the application settings specify not to create a folder, a folder will not be created for the new project.
If the CreateProjectFolder property is set, the provided value overrides the application settings. For example, if true and the specified project name is TestProject, a new folder TestProject will be created in the LocationPath folder, and the TestProject.aprx project will be stored in the new folder.
Target Platforms: Windows 10, Windows 8.1