It's been in our "todo" list for a while, basically tied to "block" comments where you can collapse the rungs within a "block" (along with expanding/collapsing basic grouping constructs like loops and stages).
As programs get more and more complex, features like this would be very beneficial.
Currently, the Project Browser's Control Logic sub-tree gives a nice nested view of the logic, especially w/Stage code-blocks, displaying the first line of the rung's comment. This is great for navigation purposes, but not for screen real estate issues when looking at actual code.
As a side note, Ladder Views are splittable, meaning you can have a Ladder View w/2 windows where each window is independently navigable, so you can look at different sections of code in the same view. If you have a wide monitor (or multiple monitors) another option is to duplicate a Ladder View then Tile them (Window->New Window, then Window->Tile Horizontal or Vertical) and you can basically "split" the window left/right instead of top/down. You technically could then split each of those windows and do status on 4 independent sections of code in the same code block (e.g. huge $Main).
See the attachment of an HSIO app I wrote that generates pulses out 2 Axis to draw a circle utilizing $Axis0 virtual axis as the "angle" Master axis to $Axis1 as the Y/SIN and $Axis2 as the X/COS via a couple AXCAM instructions. I optimized the screen real estate for showing detailed status of the critical instructions inside $Main (4 different sections of $Main split across 2 views, $Main:1 $Main:2), along with a 2nd code-block that is the "supervisor" stage program (AutoRunPgm) that continuously re-runs the circle profile after pausing 5 seconds between each cycle.
While this is not what you asked about, it provides a way to look at different sections of code at the same time (editing, status, etc.).