Before I could even start to be tempted, the Fold would need much better specs to make it at least comparable to the S22 Ultra.
The Fold 4 is missing IP68 water resistance and has a plastic main screen, a multi-year downgrade compared to the Note/S line.
The Fold 4 main display, despite its physical size, has lower resolution than the S22 Ultra. The S22 Ultra has about 13% more pixels than the Fold 4; even the Note 9 from 2018 had more pixels than the Fold 4. I care more about resolution than about physical screen size; if the details are present, you can hold the phone close enough to see them. (If your near vision isn't good enough for that to work, you can get a $5 pair of reading glasses instead of a $1,400 resolution-downgrade.)
The display difference is even more stark when watching videos with a standard aspect ratio. Then, the screen width is the limiting factor, and the S22 Ultra has 42% more pixels for video than the Fold 4 (there, the Fold 4 is even worse than the Fold 3).
I also care about the camera's capabilities. The Fold 4's camera has only 50 MP and 3x optical zoom, worse than the 108 MP and 5x zoom on the Note 20 Ultra in 2020, and far worse than the S22 Ultra's 10x optical zoom.
In sum, if I switched to a Fold 4, I'd be paying a large sum to reduce my phone's display resolution, camera resolution, camera zoom, and build quality. All I'd get in exchange is the ability to hold the phone a little further away to see the available details. For me, that's not a worthwhile tradeoff.