YES! Some way to filter teams would be a fantastic addition. My company is large and using teams helps focus small groups on reviewing what's being worked on and how the planned hours data is stacking up. But leadership that oversees multiple teams (but are not part of those teams) has a hard time with the current clunky dropdown list.
Creating a prompted report to search for teams is the best way I know of dealing with this issue. It has a typeahead, and the report can return the team owner, members, and a clickable link directly to the team page. We have hundreds of teams so this is the only way I look for teams anymore.