Read Protect is used as a universal security mechanism to hide an attribute from a particular type of user. The fact that it is also used as a mechanism to hide an attribute on a form for the purpose of form layout and not necessarily security is probably your use case.
I believe there should be another mechanism to hide attributes on a form, using READ PROTECT in my mind is an overkill because all the rules on the object have to fire, not to mention query absence. Something that serves the purpose of form layout only and is ajax based and lightweight is needed