Um, not sure -- IMAP identifies folders by name and name only, so it's like deleting the old folder and creating a new one.
The app "instance" (on one device) doing the renaming knows it's a rename -- all other "instances" won't.
EWS has persistent folder IDs separate from the "display name", but it would be awkward to cover just one type of account (EWS) and not the other (IMAP).
So for now, it is what it is -- "create" yes, "delete" and "rename" no.