You’re framing it wrong. A foldable isn’t about adding new features
Developing the iPhone Fold is inherently about researching and advancing tech. This is what got us the extra thin iPhone Air. On its own that thin housing isn't so impressive (as the tech specs suffer due to it) but trying out something new is how we get more useful tech into all Apple products.
For example: The 12" Macbook was a very slow Intel Macbook but Apple redesigned the 2 biggest main components under the hood to make it work at all. Having a big battery and smaller logic board is how all Macbooks and iPads are designed now. When I look at my M4 iPad Pro that's way more powerful than my old Intel Macbook yet has only a thin slice of a logic board surrounded by battery then that's living in the future right now.
And in a couple years we'll have tech in our baseline iPhones that came out of the iPhone Fold development no matter how mediocre the first gen Apple foldable might turn out.
A foldable gives you pocketable tablet space for multitasking, media, docs, gaming, and travel without carrying a bag or a second device.
That would be true if we ignored software entirely. I already see the state of multitasking on my iPad Pro and I am not amused. Can't do a Facetime call without audio ducking (yes that's what it's really called), media playing in PiP keeps pausing for no good reason, all these restrictions and many more already exist on today's high-end iPads that are on paper much more multitasking capable than iPhones.
Not to mention the fragmented state of iPad OS 26 and its various UI options. Stage Manager still feels like it was abandoned and is merely a legacy option, Slide Over was removed only to return later this year when Apple finally decides to stop holding it hostage, the traffic lights are still weird with how they "minimize" or close apps, and users altogether just aren't too happy with the mess that's iPadOS right now.
So what kind of multitasking do you expect on an even smaller display on a device that rings for every phone call? It's not going to be as good as you make it out to be. I'm imagining my iPad Pro with a smaller screen and incoming call popups that interrupt whatever I'm working on. Not that I'm going to do any work with the Apple Pencil as that might not be supported in the first place. Although I can't rule out Apple might release a physically smaller pencil just for the iPhone Fold's inner screen.
Before you say that I am just making the iPhone Fold out to be worse than it's really going to be, I am actually the kind of Apple customer who should be preordering a brand new iPhone on day 1 counting down the seconds after the keynote ends until the store opens up to make sure I get the delivery on launch day. I have been waiting for the iPhone Fold ever since I had a Pixel Fold first gen that ended up being the best Pixel I ever had but also the worst smartphone overall I ever had and I abandoned it in favor of the good old iPhone.
But iPadOS 26 and the stagnant state of iPad multitasking that I experience every day makes me 100% convinced that actual multitasking is going to be a tragedy on the iPhone Fold. I need something real like how on macOS I can start a task in an app and switch to another app and absolutely nothing is going to interfere with the first app running its task. Even just turning off the display can break it on iPadOS as the OS aggressively power saves and pauses (rather, interrupts) whatever is going on. So I don't need an iPhone Fold that tries to do even more with less (since it's an actual phone too).
Foldables don’t need more specs than a Pro Max they just need to be more usable in more situations. That’s the value.
If you can get the latest iPhone Fold for the price of a Pro Max then sure it will be more usable and a better deal than a Pro Max. But you'll probably pay somewhat more even if you get last year's model cheaper.