As admin edit Settings for Location field in node_view pane at /admin/structure/pages/nojs/operation/node_view/handlers/node_view_panel_context/content
Select a formatter: Hierarchical links (should be already there).
Set 'Skip the first' to 3 ('at most' set to 0) and Save.
Open a node with Location which has at least 3 levels in depth.
Doesn't work as expected as location disappears. The hierarchical list should skip only 3 first items.
Doesn't work as expected as location disappears. The hierarchical list should skip only 3 first items.