If you do not have any recovered projects for the last seven days, the Recovered folder will not show up under Projects.
Sometimes it will show up farther down in the Project list than you might expect. In the Project search box, search for "recovered" and if it's there, it will be in the search results list.
Yes, you would think that the folders all show at the top of the list.. they don't... If there are recovered projects in that folder, it can show far down the list depending on how you are sorting (particularly when you are sorted to most recently opened or updated...
There is also a type filter where you can filter to just show folders.