As @WentaoChe mentioned in this post: https://community.esri.com/t5/arcgis-pro-ideas/add-a-connect-to-centroid-option-to-the-collapse/idi-...
The Collapse Hydro Polygon tool [should be] named Collapse Polygon to Centerline or just Polygon To Centerline. Especially since it works for both hydro and road polygons.