Is the fatwa mentioned by some Hanafis and Malikis, which prohibits istijmar with any paper containing writing (Arabic or non-Arabic) based on respect for written letters, accurate?

The Maliki and Hanafi schools hold that cleansing oneself with written material—even if the script is foreign or its meaning is invalid—is disliked (makrooh). This is due to its reverence and because it is a tool for writing knowledge. Similarly, cleansing oneself with writing paper and tree leaves is disliked. As for the Shafi'i and Hanbali schools, they permit cleansing oneself with written material if it does not contain beneficial knowledge, and this is the more accurate view.