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Please forgive me if I'm telling you what you already know, but you didn't specifically mention that you checked whether the function is active which allows you to focus on just one project or folder. You could be focused without knowing it, even if no item is selected in the lefthand hierarchy.

So, if you haven't checked this, then look at the View menu. If you're focused, the 4th item will be "Show all projects". If that's the case, you can unfocus by choosing that item.