Version 5.318 of parser/formatter component is used by Toad version around 12.12.0.39. You must be using such 12.x version. The overzealous folding is a bug of 5.318. It was fixed in 5.319. Toad version 13, released around Oct 30, 2017 was the first Toad to use the newer component (actually using 5.320).
Toad For Oracle 2017 Edition 12.12.0.39
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