The stowed saw is the handle's core.
And the curve you see in the handle? It's in the skin, not the spine. A telescoping rail can't pass through a bend, so the bore runs dead straight while an asymmetric section and a variable-wall overmould sweep the grip line out to a 14 mm drop and a fawn's-foot butt — the same geometry a curved wooden helve has always used to index your hand and neutralise your wrist at impact.
A drilled-out wooden handle snaps because you removed the material that was carrying the load. A tube doesn't have that problem: bending stiffness scales with the fourth power of distance from the centreline, so the material in the middle of a solid handle was barely working anyway. Take it out and you keep almost all the stiffness at a fraction of the weight.
What a tube can do is dent, oval, and buckle locally under a hard strike. So we put something in the middle that stops it: the spine rail, clamped in compression between the head collar and the butt cap. It acts as an internal mandrel.
In axe mode the handle is a tube plus a core. In saw mode the tube is empty — but in saw mode nothing is striking the handle. The empty state and the load case never happen at the same time.