iPadOS may not fully be to the point of being an OS UI that really utilizes the benefits of a tablet sized device, but it does have elements that are unique to it that would not really make sense on a phone.
That being said, if your tablet use case really is just a larger phone than a foldable would be great. But i know for myself the way I use my iPad it would not be a suitable replacement. Especially not now, maybe in 5+ years once someone figures out how to make an OS that actually manages different ways of interacting with it in different form factors work, but that has yet to happen.
I'd love a 10 inch screen in my pocket but maybe in 2035. Nokia imagined this 20 years ago and we're barely there yet.