how about M-<DEL> (back-kill-word)
One click at directory level
Cx <DEL> (backward-kill-sentence)
works, but also destroys ~ /
You can, of course, define your own commands and emacs lisp for their implementation.
As an alternative approach, many unixes allow you to simply type ~ / after a pre-populated path and after that put your desired path, ~ / redefining everything that was before.
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