The hierarchy in Jira is pretty linear where you have Theme - Initiative - Epic - Story. The problem is that epics are not always needed, as they are just large stories. So, when I don't need an epic, how can you set the Story parent link as the Initiative? I see no way to do this now or in the future with Jira.
Likewise, we use the premium edition and have Initiative - Feature - Epic - Story. In such hierarchy, some Epics or Stories are not part of a feature, per se, and can go straight to the Initiative (great-grand-parent).
RE: https://support.atlassian.com/jira-software-cloud/docs/upcoming-changes-epic-link-replaced-with-parent/