Similar to a mitre fold way of making a box or drawer .
With plywood it should work but with the thickness variations through out the sheet I see problems and also by the time the setup is done I can have a drawer built .
I make my drawers with two sides and front and back and a bottom that is the outside dimensions of the drawer with two bottom mount slides ,works like a charm and it’s fast and any material can be used .
I pin the pieces tighter with a 23 gage brad gun not pinner and when assembled I add some screws with caps to hide the heads all nice and clean looking .
For shop drawers I like a 1/2" bottom for strength .

Klaus