Maybe a bit of confusion here is what is a "default" and what isn't.
Rest assured that you CAN store projects and media just about anywhere you want. It all happens in the Setup Room, in your User Preferences Tab, and the Project Settings Tab. Be aware that these tabs require review with every project, and must be set properly in order not to flush your work down the toilet. They also must be checked/set up at the outset BEFORE you start coloring your brains out and hit the render button.
The file system and browser protocol is not straightforward. It does require some Unix-think. When I launched with Final Ouch a few years ago, for the longest time, I could not figure out why I was not presented with a browser dialogue when I invoked the "import" command trying to bring a clip into the app. Not the right question! First, one must navigate to the clip, select it, and then you get to import it. Sometimes its just as simple as how the question is phrased. It was expecting me to tell it where something was before it could import it... and I wanted it to present some options to me because I wanted to import... something... sometimes I don't know exactly where that something is parked....
Click the little folder to the left of the location string dialogue. It opens up the universe.
Accusing COLOR of being a slapped-together PC application betrays something about the writer, and the overall history of this product.
If it did show you all that compositing/Motion stuff, then it would BE Final Cut/Motion/Shake/After Effects, blah, blah, blah. Which it isn't. It is a color grading application. I think there might be something in the manual that states that, but why bother with all those pesky words?
JPO