Hi Siren,
Wow … what you are both sleeping on wouldn’t work well at all or be the preference for most people but each person is unique in their own needs and preferences and what works well for one person may not work at all for others.
For most people only having 2 or 3" of foam would still be much too thin and would become too firm and/or bottom out when they sleep on it. Again though if you are comfortable with a mattress that is very firm or if a very thin mattress works for you then it would be fine for you regardless of whether it would work for other people. There is more about the effects of thickness in post #14 here.
As you mentioned … thinner layers of a flexible material would be much easier to fold and store if that is a major priority. Latex in particular is an exceptionally flexible foam.
Wool will generally compress about 30% of its thickness over time but this will also depend on the specifics of how the topper is made and tufted, the density and compression of the wool, and the type and breed of the wool. Wool becomes firmer over time (unlike foam which becomes softer as it ages) so impressions are a normal part of how wool performs over time and aren’t generally an issue that affects support although it can affect comfort.
The only way to really know which mattress or combination of materials works best for you in terms of PPP is with your own personal testing or sleeping experience.
Phoenix