If I were to burn the VIDEO_TS Folder onto a Blu-Ray disc, will it work as if it were a DVD or not?
Not in a DVD player it wouldn’t, the media’s not readable. But software players don’t care about filesystems and media. i.e. VLC can play VIDEO_TS from NTFS. In a Blu-ray player, I doubt such a disc would work reliably across models, if it works at all – it is readable, but doesn’t match any known disc spec.