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.
![Bud_0-1695232507084.png Bud_0-1695232507084.png](https://community.esri.com/t5/image/serverpage/image-id/81231iA728D3FECBBFC08C/image-size/medium?v=v2&px=400)