The Folio case was definitely clumsy for using the camera...
I'm not convinced the MagSafe Leather Wallet is a great idea, but then I'm not much interested in the "use my phone as a wallet" lifestyle, so I'm the wrong person to ask.
I think there's scope for an alternative that does what the folio did, with a kinda screen protection, but maybe using a magsafe connector to attach to the back. When you want to take photos, pull it off the back...
One way you could test what Apple is thinking would be to see if the front-facing magnets on the side of the Pro Max are still there. I wouldn't yet bet that Apple have killed off the folio; accessories always appear slowly after the main product.