Not sure I agree.
There are app level settings and account level settings.
"Special settings" are called "special" because they're -- well -- "special", they override app level settings.
The other account level options are either independent of app level settings (e.g. account color) or work with them together.
Now as for your suggestion about a hierarchical structure:
- App settings and account options and special settings (pretty much everything) is already hierarchical.
- Moving account options / special settings into app settings (the way Gmail does) -- don't think would work very well, because there are a lot of settings (app level and account level both).
Besides, long pressing "something" is a standard Android UI pattern, maybe somewhat less popular these days, but still valid. And there is even a help panel that pops up as a reminder (after you've added your first account).