This is doable, but you’ll have to set an “advanced” setting.
In an effort to not overwhelm users too much, I only have a handful of settings available via the welcome flow, but there are several hundred settings you can use to tweak almost everything within PhotoStructure. More details are here:
The setting that retains parent and grandparent folder names is available in the “prealpha” build, which is actually pretty stable on Linux/Docker, but that build isn’t yet validated on Windows or macOS: it will be soon.
Here are details of the prior assetSubdirectoryDatestampFormat setting and the new assetPathnameFormat: