When you hit the 'Browse' button on a component link within the schema fields on a structure group, a page or a component, is there a way to set a default folder location? This would save the editors some time.
Sadly there is no default folder location that you can set.
But, as a workaround what I do is create a "Shortcuts" folder at the root level (right under building blocks) and create virtual folders to the commonly used folders for the editors
That way when the hit browse to add a component link they can reduce the number of clicks needed to reach the final folder containing the component:
You can set the default location in CME. It is an out of the box feature, please look at the screenshot below. Once you set a start location, the next time you open the CME, you will directly come to this location without any clicks! Also I want to suggest careful use of virtual folders since it executes a search query everytime you click on the folder and is primarily meant for saved searches.