To manage access to a folder, click on the three dots next to the folder, then select the email or the name of your team member and choose their access level.
When you share a folder with specific people, they will have the same access level on the formaloos inside it.
📝 Additional insights:
This is unless you change their access level on those formaloos later.
In other words, the access level of formaloos can override the access level of their containing folder.