Hi there,
Sorry that you cannot create both folders and subfolders at a time. However, you do can create folders easily using names in cell columns of excels with Kutools for Excel's
Create folders from Cell Contents feature. Please find it in Kutools Plus > Workbooks & Sheets > Import & Export.
To create subfolders, you will have to select the root folder and then create subfolders under the root folder.
Here is the tutorial for the feature:
https://www.extendoffice.com/product/kutools-for-excel/create-file-folders-from-excel.html Amanda