LOL. I guess this really isn't three chord folk music!
Yes and No.
I would say that some chord substitutions could be interpreted by my amateur taste as too ECLECTIC for that
a la Polish Polka track wrapped in the 12-blues form.
I sense some advanced musician got bored with that chord progression and decided to "improve" it.
During my "musically-bohemian" times, I've played with an advanced, conservatory-educated composer who used to apply those "harmonic devices" in very simple pop songs. And I still remember the eyes of our singers while my friend was applying those harmonic tricks.