This doesn't answer your question exactly but it is a good alternative to replacing your Windows File Explorer, and works fine with Fences 4.
Instead of using a replacement for Explorer, I use a "modification" to the default Explorer that works in Windows 11, 10 and earlier versions as well. It's called QTTabBar and may be found at this link: http://qttabbar.sourceforge.net/.
It has a number of features, but the biggest feature to me is the addition of tabs to Explorer. You can have multiple tabs within the same window (much like web browsers) and it has a number of other great options. It is old and not developed any longer, but it's free and it works great. I've been using it for many years and can't imagine using Windows without it.
Check it out, maybe you'll like it.