Doesn't having an "updated value" imply mutable state? If I have some, why not have it all? Having both mutable state and a complex folding operation to maintain it is going to give me multiple sources for the same information. Which one will be authoritative? I'd expect a compromise to be worse than either extreme.
I assume you have 'events' that you will 'merge' together in a single state object (in case you want to display something). So the operation is to fetch every related event, merge, display.
Now the 'folding' can be defined as snapshotting the 'merged state'. Instead of fetching 10 events, after the folding + GC, you will fetch e.g. 2 + the folded one. You are saving some CPU and bandwidth over time and that's it.
