When Code folding is enabled in Options, Environment, IDE, Editor, this options will fold/collapse all sub procedures and functions.
Other structures that can be folded with F11 remain unaltered.
Using SHIFT+F11 or CTRL+ENTER, you can fold/unfold the current block.
Consider this example :
Both the Sub and For/Next can be folded but the Fold All Subs and Functions option, will only fold the sub :