Hiding folders is almost certainly a bad idea. Remember that hiding a folder is not the same as excluding it from the solution - all hidden elements can still be used elsewhere in the code that the assembly can reference and receive updates when you pull the latest version from the original control.
That's why it was never available for project folders, so people cannot easily confuse their workmates.
Having said that, you can hide folders at the solution level - I think, mainly because it is quite common to have documentation, shared libraries, etc. at this level. To hide the folder with the solution, right-click on the folder and select "Hide Folder" (to show, you must right-click on the solution itself and select "Show Folders")
As for your screenshot, where you want to hide Area , Scripts , etc. - I suspect that you are working alone and are just starting to learn MVC - otherwise it would be pointless to hide these folders. They contain legal code that is used to run the application. Hiding is the same as hiding Program.cs in a console project just for the reason that you prefer a smaller tree in the solution.
I agree that Solution Explorer becomes unmanageable at some point - but instead of ruining it, I would recommend trying other tools - Visual Studio "go to" options or Resharper (I use the latter).