Not sure if this is a new feature or it existed before, but as of now you don't actually need any third-party software for that, although enabling the tray slider is not quite obvious.
Open the Action Center (rectangle baloon icon to the right of system time), then click the Expand/Collapse button.
Voila! the program Virtual CD did the job. https://www.virtualcd-online.com/ Got a clue here.. https://superuser.com/questions/183865/is-there-a-free-program-to-emulate-a-dvd-writer & Virtual DVD/CD writer to emulate a physical writer and writable disk?
My system screenshots..
I developed the utility in https://technet.microsoft.com/en-us/magazine/2009.03.utilityspotlight2.aspx. But it has some issues with Win 10. So I corrected them and published at https://burakuysaler.wordpress.com/2020/03/16/screenrecorder-final-by-burak-uysaler/. As I don’t work at Microsoft anymore, I uploaded it to my Blog. It does everything you look for ...
I'd recommend you Tablacus Explorer
Another possible alternative is Free Commander. It offers a lot of features and even if you do not need them all, you can just turn them off from the Settings panel and then you'd have exactly what you are asking for. It is very customizable, so setting it up once would pay off in the long run.