What kind of file management is this?

I’ve never seen anything like this!
What kind of way is this to manage material files on the hard drive?
It’s incomprehensible and unmanageable for the user.
You can’t find anything, it’s a complete mess!
It’s impossible to find the texture used in a material to edit or check it.
What’s more, the right-click function on a texture “File Location” is always grayed out.

Am I the only one who finds this annoying ?

You can’t edit textures of materials used from D5 Asset Browser directly. Save material to Local and after that you will find it in your local folder. File location is for custom build textures.