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The documentation says: 

"Don't create a Project for each of your customers - this will be too complicated to manage properly."

Why?

I work as a freelancer, and I'm looking for a way to track time invested in each client. Each client could have more than one project, so I always have that hierarchy:  client -> projects -> tasks.

Why is it not recomended to create a project per customer/client? How can I track the tasks if I don't create a project?

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I don't know of a reason not to create one or many Projects per Customer in your situation.    I have worked with clients who have created Projects per ORDER (and Customers can place many orders) and they have no issues with managing them.  

You may need to work from a list of Projects, instead of the Dashboard, but that's an easy change.

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