On the Portfolio Overview page, we used the wording “project branches” because you can add have several branches of the same project in portfolios.
The word “projects” was considered as confusing in such a context.
What’s missing here is the notion of selection: all what is displayed in this page relates the project branches which were selected in the portfolio, but this is not perfectly clear. A word like “component” might be more clear about it, but I think it would be a pity to use a generic word for a very common concept.
Therefore, a quick win, would be to change this wording to be say "selected project branches" instead. Ideally this should not break the layout of the page.