That is possible on Linux [0], but this kind of separation comes with its own can of worms. However, if your only worry is access to folders, Flatpak applications keep all of their data in a folder away from your home directory and use "portals" to access your system [1]. The security of the sandbox is debatable [2], but I would say if your biggest goal is containing non-malicious but badly behaving applications from messing with your system, then it's a very good solution, given you are comfortable with using Flathub (as most distributions won't build Flatpaks) and with the performance/integration impact this distribution method has.

[0]: https://docs.flatpak.org/en/latest/basic-concepts.html

[1]: https://docs.flatpak.org/en/latest/sandbox-permissions.html

[2]: https://flatkill.org/2020/