@NicoleLynch
From my experience at our school, The "Folio" link refers to Canvas Student ePortfolios (formerly Portfolium).
I know Instructure started a re-branding of Portfolium to Canvas Student ePortfolios & Canvas Student Pathways. Thus, if you are looking to use Canvas Student ePortfolios (formerly Portfolium), then you likely want to use the "Folio" link and refer to the guides for Canvas Student ePortfolios.
What is Canvas Student ePortfolios?
The original portfolio tool that is built into Canvas directly is called ePortfolios. So if you are looking to use this original tool then you would like want to use the "ePortfolios" link and refer to the guides for ePortfolios (not Canvas Student ePortfolios).
What are ePortfolios?
At our school, we hid the old ePortfolios link to avoid confusion between these two links.