Solution 1:

Another work around is go to Google Drive, right click on the folder in question, and then click "Add shortcut to Drive". This will allow you to access the folder from your drive!

Solution 2:

RE: Is there a work-around --

Load your shared files in the web UI, right click on the directory of interest, and select 'Add to my Drive'. Then, the folder will appear in /content/drive/My Drive as you hope.

For context, Drive isn't like a normal filesystem: files and directories can have multiple parents, thereby appearing in both your file list and the original owners.

RE: Will other users have access to Drive files? --

No, the notebook is a distinct object in Drive with distinct Drive permissions.