Hi!
I had the same frustration. But today I found a simple way of seeing the enclosing folder.
On the Menu bar click on 'Note', and go down to 'See details of note' (or perhaps 'See note details' - I'm translating from Portuguese).
Then a small window appears with details of the note, including the folder it's in.
The keyboard shortcut is ⇧ ⌘I, which toggles the window on and off.
I'm using Evernote 7.11 on an old Mac with Sierra (10.12)