> Does "levels" mean "depth"? To give the feel how deep in the subject you are?
Yes! Level means depth.
> Don't stacked "parents" give that feel?
No! The stack doesn't give me that feel, because visually, it doesn't look like a stack. My brain perceives a series of plain text lines as a block of information. There's a reason we add symbols (numbers, discs) to checklists. We want them differentiated from normal text blocks. Of course you don't necessarily need to use symbols, you could also make use of relative positioning (between levels) or color (varying the intensity of the same color as you move up and down the levels, or use a color theme), etc.
You might want to checkout the way 'Thebrain' 1) can show related thoughts using layers of transparency. Our brain reads these indirectly and helps providing contexts.
Does "levels" mean "depth"? To give the feel how deep in the subject you are?
Don't stacked "parents" give that feel?