```python
def decode_escaped_note(text: str) -> str:
    """
    Decodes a mail-safe escaped note by first folding the lines and then decoding the escapes.
    
    :param text: The encoded note as a string.
    :return: The decoded text as a string.
    """
    if not text:
        return ""
    
    # Fold the lines
    folded_lines = []
    current_line = []
    for char in text:
        if char == '\n':
            if current_line:
                folded_lines.append(''.join(current_line))
                current_line = []
        elif char == ' ' or char == '\t':
            if current_line:
                current_line[-1] += char
        else:
            current_line.append(char)
    if current_line:
        folded_lines.append(''.join(current_line))
    
    # Decode the folds
    decoded_text = []
    for line in folded_lines:
        i = 0
        while i < len(line):
            if line[i] == '=' and i + 2 < len(line):
                try:
                    hex_value = int(line[i+1:i+3], 16)
                    decoded_text.append(chr(hex_value))
                    i += 3
                except ValueError:
                    raise ValueError("Invalid escape sequence in folded text.")
            else:
                decoded_text.append(line[i])
                i += 1
    
    return ''.join(decoded_text)
```