Search is extremely complex and confusing.
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It should default to searching whatever folder or account you currently have selected, and be highlighted if any options other than that are selected.
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Because there is no way to show a column that shows the last date and time of any e-mail in the Conversation, Sent and Received e-mails can end up in a weird order. You can have an e-mail you sent Today be displayed as the Oldest e-mail, if you sort by Received instead.
Related: Last message date and time column for Conversation view
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There is nothing telling you what folder searched e-mails are in under an account.
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“Current Folder” does not include all folders when you have the account selected. Given that it is the highest level of the hierarchy, it should include all folders in the search. Instead, it only includes the Inbox.