If you look in the front wheel wells of your Patriot, you'll see a tall, vertical, bumped-out section of the black plastic fender liner that sticks out toward the tread of the tire; the pinch weld is under there. It's a point where two pieces of sheet metal were pinched together and spot-welded during the manufacture process.
Not sure if cutting it off affects the integrity of the chassis, but folding it over should be fine.
If you go with overly large tires or mess with the wheel offset, the tire can sometimes contact the pinch weld when the suspension is compressed or the wheels are turned far enough, and, well steel vs rubber... you know how that ends.