Just like in Sketch or other design apps you can use the ESC tree to move one level up in the grouped elements hierarchy. This can be used to quickly select an elements parents.
Example use:
You are styling a button and realize its parent container needs more padding. You can press ESC to move to the parent and immediately edit the padding. If its 2 levels up you can press ESC twice.
The up arrow doesn't work as well. It requires another hand on the keyboard. The esc key is much better. This is how XD works as well and for good reason. Your right hand is on the mouse. Your left hand is free to hit esc. Please add this as an option or addition. Thanks!
You can do this by pressing the up key on your keyboard. Maybe webflow can let us edit keyboard shortcuts one day.