It’s kinda true, and yet impossible.
Every time you fold the paper in half, you double its thickness. So the first fold makes it 2 times as thick, then 4, then 8, then 16, then 32, then 64, etc. After 8 folds, the paper is 256 times as thick, the thickness of a decent sized book. After 16 folds, the paper is 65,536 times as thick. It gets a little difficult to imagine exactly how tall a stack of roughly 65 thousand sheets of paper is.
After 32 folds, the paper is over 4 billion sheets thick, and we’re nowhere near done yet.
So yeah, depending on the thickness of your paper, somewhere around 100 folds gets you in the neighborhood of the width of the observable universe.
All we are doing though is taking the thickness of the paper and multiplying it by 2 to the power of x, where x is your number of folds. In the real world, you’re going to have a very difficult time folding the paper more than about 7 or 8 times, depending on the thickness of the paper.
If you try to imagine what your piece of paper would look like, it becomes a lot more obvious about exactly how silly this is. When you fold the paper in half, it becomes half the size when looking down at its surface area. Fold it in half again, and it’s 1/4th. As the thickness of your folded paper goes up, the surface area when viewed looking down on it goes down by the same factor. So your paper that you folded 16 times is 65,536 times as wide, but 1/65,536th the surface area. Your “paper” is going to very quickly look more like a square rope, getting longer but narrower with each fold. Obviously, that’s not going to happen. This is why you aren’t going to get 16 folds out of it, let alone a hundred.
This is called “exponential growth”. You can google that term for more details.