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Hit command-return to open the folder the file is in.

This is a macOS pattern, by the way - other (good) search apps, like Alfred, maintain this behavior when searching for files. Very useful to remember

you can't see what folder it's in

Hold down Command (or maybe Option), and it shows you the full file path in the bottom of the preview pane.

and unfortunately cuts the path off when it is too long, as happens far too often for me

Press tab to bring up the preview pane in spotlight, then holding CMD brings up the folder it's in near the bottom. CMD+double click opens it in it's enclosing folder.

In finder,

View > Show Status Bar

You can click on any of the folders to go there.

In spotlight, cmd click on the file to show it in the finder.