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The advantage of using a folder is that you can create a template project ("Song Template") that you duplicate and rename each time you have a new song. That template will have all the (supposedly same) steps already created. Also, when your Song project has such tasks as below ...

* laid down melody for TemplateSong
* collect drum beats for TemplateSong
* adjust song fade outs for TemplateSong

... you can select that template project, use the Find command, and replace "TemplateSong" with the song title itself.

Finally in addition, within a folder based on the artist's name, you can also create a project that is "Administration" in scope. That would hold all the tasks that are not based on the songs, rather based on the entire album for that artist.