Toggling off the Gameplay Filter Tag causes all Content assets to be shown in the Content Browser.
This reported and tested in 4.19.2 (CL-4033788) and tested in 4.20 (CL-4212847) and Main 4.21 (CL-4221482)
Results: Every asset under Content is showed
Expected: Previous folder hierarchy is shown
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There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-62113 in the post.