Oh wow... yeah that would protect the camera all right !
Just my opinion, and maybe an unpopular one, but the S21 ultra phone is a beautiful and gorgeous looking phone with it's standard design. This case above makes it look like a transformer and no where as nice as it is designed.
Personally I would either go with a foldover case such as the Clear View Cover, or a plain clear case for a minimalist look and to show off the beautiful design. However this is a personal preference and I understand everyone has different needs. Especially if working in manual trades for building, where damage might be more possible and more protection needed.
The camera protector by Spigen that I linked above is also a great protection, and I have used one of these. I am impressed with the quality.