```python
from typing import *
from collections import *

def decode_escaped_note(text: str) -> str:
    if not text:
        raise ValueError("Input cannot be empty")

    # Step 1: Fold the lines
    folded_text = ""
    current_line = ""
    for char in text:
        if char == "\n":
            if current_line:
                folded_text += current_line.rstrip() + "\n"
                current_line = ""
        else:
            current_line += char

    if current_line:
        folded_text += current_line.rstrip() + "\n"

    # Step 2: Decode escapes
    decoded_text = ""
    in_escape = False
    for char in folded_text:
        if char == "=" and not in_escape:
            in_escape = True
            continue
        elif char == "=" and in_escape:
            in_escape = False
            continue
        elif in_escape:
            hex_code = char + next(folded_text)
            decoded_text += chr(int(hex_code, 16))
            in_escape = False
        else:
            decoded_text += char

    return decoded_text
```