Collapsing large fields as default could help users find the content they want to edit easier. For example: a user wants to edit a specific piece of content on a page with several multi-line text fields with long articles entered into them. To do so, they must scroll through a very long page to find the field they are looking for. By collapsing some of these fields as default, they would be able to more easily see what fields are in the model. The user could manually collapse these fields, but this would have to be done every time they edit the record.
This would also be useful for fields which shouldn’t be hidden from editors, but which don’t change often, and are likely not what the user is looking for any given time they are editing the content.
The same issue exists for other fields which can have a lot of content such as asset pickers, references, JSON editors, and modular content.