You can use Command and ↑ or ↓ to navigate in and out of folders.
(PS: This don't work in Column-view)
Navigate quickly with the keyboard in Finder
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How to Create Finder shortcuts
You can press ⌘ and drag any app or document, into the toolbar for quick access
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6 Mac Finder Features and Shortcuts
Useful Finder tips including bulk renaming, keyboard navigation, search settings, and background removal