More is a location to hide folders you do not ordinarily want to see. It will always be at the end. Right-click on a folder and choose Hide, and it will move to More.
Otherwise folders are in the order of the preset system folders (Inbox, Sent, Trash, Drafts, Junk, Archive) then any folders you create on the same level as those in alphabetical order, and finally More.
The folder display is controlled by these 3 settings in the folder right-click menu). All of mine are set to “Show if unread” since I have no need to see them above the ‘More’ unless there are unread messages. The default is ‘Show’.