I ended up coming up with a slightly different process that doesn’t use Displacement or Distortion but, instead, a Ramp device on a blurred version of the terrain. The amount in the Blur device will control how closely the ridges follow the terrain (the “scale” of the folding, as it were). The rest of the process remains largely the same.
foldedRange.tmd (173.9 KB)
Edit:
For posterity, I also recreated to the best of my ability the original process. Here’s that for you:
foldedDistortion.tmd (278.3 KB)
This one, imo, looks better and also has the benefit of building at 4K in under a minute on my machine.