Thank you for your idea! It is almost exactly a decade old, and I'm sorry we weren't able to address it within the product lifecycle of ArcMap. In ArcGIS Pro, the favorite experience has been entirely redesigned, as discussed in the geoprocessing customization documentation. We support both per-project and always present favorites, and the favorites panel can include folders which expand to include their elements, including toolboxes:
If this is insufficient for your needs, please let us know what you'd like to see within the Pro context to further improve your ability to customize the product.
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