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initComponents() is created with the comment // <editor-fold defaultstate="collapsed" desc=" Generated Code "> to make it hidden by default in the editor. But the variables declaration section is not: // Variables declaration - do not modify That is kind of annoying, and certainly inconsistent. For a large form, a whole screenful of space in the .java file may be consumed by uneditable variable declarations. They should be hidden by default.
Not sure if folding initComponents method and variables declaration is the same. Typically you are not much interested in code that set up the components, however you need to access the components, so might want to see the variables. Plus the fact that the number of variables is usually not so big and they are placed at the end of the file you can see the reasons why we made only initComponents folded. OTOH it seems we wouldn't spoil anything if we folded the variables as well; the user can unfold them easily, and of course you have the code completion ;) *** This issue has been marked as a duplicate of 59302 ***
In my experience code completion is sufficient for "seeing" the field names. There is no need to look at the declarations. And I often open forms which have 20-50 component-valued fields, so the declaration block can be quite lengthy.