Does anyone recognize this folding rhyme scheme?
If you were addressing thematic content (rather than a rhyme scheme), it certainly would be a chiasm. Since you’re asking about the rhyme, I’m not sure what to say. Ancient texts used chiasms fairly frequently. Ancient Hebrew poetry (the Psalms, Proverbs) feature it a lot. So does Second-Temple Judaic thought. Paul (the Apostle), I think, uses the structure a fair amount. Cameron Moll also uses it (although he calls it a “chiasmus”) in both poetry and design. You can see that here. And then, there’s always Wikipedia.