Dropbox selective sync - is it possible to have new folders created on other devices NOT be automatically added to sync folders on current device?

You could do this, but only with subfolders:

Dropbox --> PC1     --> Folder1
                    --> Folder2
        --> PC2     --> Folder3
                    --> Folder4
        --> All PCs --> Folder5

So PC1 has selective sync setup to sync PC1 and All PCs, PC2 has selective sync setup to sync PC2 and All PCs.

Therefore if PC2 creates PC2 --> Folder6 it will not be synced to PC1.

Unfortunately adding a subfolder of a partially synced folder causes any new folders to also sync, so this is the only current way for this to work.