On previous versions of MacOS (Before Monterey) - Cmd + Ctrl + O - worked perfectly...you could even Cmd + double click on a folder in the Finder path bar to open a new window at that location. Or if you enabled Finder>Preferences>General "Open folders in tabs instead of new windows", Cmd + double click on a path bar folder would open that location in a new tab.
However, after Monterey it seems those options no longer work. You can still (tediously) right-click the folder and pick "Open in New Window" or "Open in New Tab", but the shortcut of Cmd + Ctrl + O or Cmd + double click no longer works (even though you can see it in the menu options).
This MacRumors forum is the ONLY place I could find discussing this revelation: https://forums.macrumors.com/threads/cmd-double-click-on-finder-path-bar-doesnt-open-folder-in-new-window.2331090/
Versions tested: Monterey 12.5.1 (on Intel), 12.1 (on Apple Silicon), Big Sur 11.6.2, Catalina 10.15.7...