I can actually see the value in a trifold like the one pictured. In your pocket it’s a phone. When you unfold it, it’s an iPad. You’re consolidating devices.
That said, I’m not a fan of folding lcd screen tech used today. It creases. I’d rather see three separate bezel-less screens that magnetically join to make a larger surface.
I don’t see how this is any different then standing behind someone who is typing and watching them type on a physical keyboard. If you allow someone to see you typing, there’s no security involved there.
That said, there should be an option (if there’s not one already) to turn off the creepy external googly eyes feature.