I've used a 9 foot by 12 foot canvas painters dropclothe as a tarp for most of 2 decades, and have had no problems with it "wearing out" along the fold lines. I use it for everything - as shelter, as a wind break, as a tent floor, and to cover stuff up in the back of my pickup truck. It rides on the passenger side floorboards in the cab all the time. And I generally fold it up the same way each time. I use it, abuse it, and it's gotten pretty dirty gray in color over the years. But it's just held up through it all. Altho, I should consider giving it another waterproof treatment one of these years.
I did not sew on loops or tabs/tape. I used that old "tipi" method of attaching cord to it. Take a small rock or marble, put it on the canvas where you want to attach a cord/rope, gather the canvas over and around that marble, then tie your cord tight around the canvas. They work great, and I move them around as I need to.
I've only seen that "wear" problem on folded canvas/tarps with very heavily treated tarps. And the "wear" along the fold lines ended up being caused by other things rubbing along that fold line. I never saw any damage just from being folded in the same places.
One thing to keep in mind. A "tarp", like any other gear, is a "consumable supply". It will not last forever. It will age/weather/tear over time, and will require replacement at some time in the future. How long it lasts depends mostly on how much use it gets and how hard you use it. My painter's dropclothe tarp is still going strong after more than 2 decades of hard use.
Just my humble opinions to share. Take them as such.
Mikey - yee ol' grumpy blacksmith out in the Hinterlands