It still adds significant weight tho. Over 0.5lb.It is! I have been using Apple Smart Folio since iPad Air 2. I dropped iPad Air 2 from some height few times during years and nothing ever happend.
Now I am using Smart Folio from iPad Pro 2020 for my brand new 2021 M1 and it is much more portable and lightweight than having Magic Keyboard.
If I buy Magic Keyboard the bulk would be so big that I can take instead iPad Pro Macbook Pro.