view folder path confusion after overriding using Theme method

Question

When i override the phtml using my custom theme in Magento 2, should i have to keep the view folder in the Module.

ie) view/frontend/templates and view/frontend/layout folder?

If i have to keep the layout xml inside the view/layout folder, should it be inside view/.. or what is the correct path?

UPDATED QUESTION:

After keeping my template in the template folder and xml in the layout folder of my theme.

Whats the content of the xml here : Vendor_Catalog::product/list/toolbar.phtml

Is it the my custom vendor_Catalog name or Magento_Catalog:: ...

<referenceBlock class="Vendor\Module\Block\Product\ProductList\Toolbar" name="product_list_toolbar" >
      <action method="setTemplate">
        <argument name="template" xsi:type="string">Vendor_Catalog::product/list/toolbar.phtml</argument>
      </action>
    </referenceBlock>

Answer 1

When i override the phtml using my custom theme in Magento 2, should i have to keep the view folder in the Module.

If you have keep phtml file inside your custom theme, You doesn't need to keep view folder inside module.

If you want to override your core template file or core layout file into your custom theme, Path for that is below,

For override into your custom theme, you not need to declare view folder

Lets take example from Catalog module of core

For layout override,

magento2/app/design/frontend/Vendorname/themename/Magento_Catalog/layout

For Templates override,

magento2/app/design/frontend/Vendorname/themename/Magento_Catalog/templates

Thanks.