It will let us hide selections of code so that we can view and edit different sections of code without having to scroll the window.
No.
From the illuminating comment by @mikekaganski:
No.
However, in the Object Catalog pane, you can double-click an item to go to it.
If you want this or any other advanced editing feature, use a text editor that has this feature and then copy and paste the code into the Basic IDE.
Or, directly edit the .xba files in the LibreOffice user profile directory using your text editor, changing symbols such as >, " and ' to their equivalents >, " and '.
Calc has row grouping and can well be used as an editor for plain text.
You can even use formatting / CF, annotations, columns for commenting to support your work … and leave that all back when pasting the result into a Basic module.