Yes, I've done this with a "Folder" project which is then copied into the target project. The "Folder" project does not have any tasks, team, or other information which is not required.
- Create the desired folder structure in the "Folder" project.
- Use the Copy Project from Template in the Actions on the Project Summary page.
- Filter the list of templates for the "Folder" project, select it and click Next, then Copy.
The folders from the "Folder" project will now be on the target project.