Using the Find & Open menu items displays a list of databases. The first item in the top filter options is Names Only / Full Path. They appear to display the list identically regardless of the choice clicked.
That’s correct. The filter buttons don’t affect the display, they affect how searching works. If Names Only is selected, Panorama will search just the file names themselves. If Full Path is selected then it also searches the folder names, allowing you to easily search, for example, for all databases in the Accounting folder.
In either case it displays the full path. For example, suppose you search for Phone Book and find that on your system there are three such files – you’ll want to see the full path so you can know which is which.