Hi,
Have you filled the default value with Macro correctly?
Note this triangle icon:
![edit property](https://i.imgur.com/1B1v14C.png)
All the Macro values should go here:
![macro value](https://i.imgur.com/l8RHe0l.png)
And once edited should look like this:
![value](https://i.imgur.com/ixs35Zg.png)
Also note, that the default value will work only for new pages/objects created and will not re-evaluate macros for existing objects if you edit them.
And finally, in your example it will take direct parent name. Here are the results from your example structure:
- {% EditedObject.Parent.DocumentName |(identity)GlobalAdministrator%} = LocationFolder