Does Time Machine still use a "Backups.backupdb" folder?

In the past, I've stored overflow files on my external hard drive, the same one that I use for Time Machine backups. It's easy enough, since the backups are contained within the "Backups.backupdb" folder.

I just started using a new external drive today, and after the initial backups, it's showing a folder for each backup by date, rather than having them contained in a "Backups.backupdb" folder. Is there any way to restore the parent folder, or is this how Time Machine organizes files now? I'd like to be able to keep my backups separated from my other files.

I should mention that I opted to encrypt the new drive, so that may be playing a role here. I'm not sure.