But the big news here is the icon for this feature which shows what appears to be a folding phone (fold on the dotted line) with an arrow showing the motion that would be needed to close the device. What else could we think here except to see this as a sign that the Pixel Fold or Notepad is still alive?

This icon, found hidden in Google Camera 8.6, could indicate that a foldable Pixel is coming
Nothing that 9to5Google found reveals what the “Jupiter” button does other than hide the Switch Cameras button when it is tapped. That would seem to indicate that the “Jupiter” mode is one that works with only the rear-facing cameras or the front-facing camera because it covers up the ability to switch the camera being used. Another possibility is that the mode will show previews from both cameras at the same time.
The Pixel Fold/Notepad could be back in play. The phone was expected to be powered by Google’s own Tensor chipset, and sport a 5.85-inch internal display. As a result, the foldable Pixel could resemble the foldable Oppo Find N with its smaller internal display rather than the Galaxy Z Fold 4 which might carry a much larger 7.6-inch screen. We don’t want to forget that the rear camera array on the Pixel Fold/Notepad was supposed to include the same 12.2MP primary camera and the 16MP ultra-wide camera used on the Pixel 5 flagship.
Source: phonearena.com