Up arrow takes you back to root folders, not previous folder level

When you press up arrow to go to previous folder level, most of the time it returns to the root (Unsorted/Menu/Toolbar). The same thing happens when you try to save a bookmark. 

This makes it very tedious when finding/saving bookmarks because you are constantly going through multiple folder levels to find/save, even though you may only want to go to the previous folder level.