Spoilers for She-Hulk and the finale of Loki ahead.

Are characters like Deadpool and She-Hulk who break the Fourth Wall actually aware of an actual world where they exist as fictional characters ("our" world), and an audience watching them ("us")? Or do they have a sort of "Fourth Wall psychosis" (brought on by trauma and/or their powers?), only imagining an audience in a world where they are fictional?

I lean towards the latter idea, and yet the entity known as K.E.V.I.N. actually did alter reality in Jen's world. Surely altering reality is not one of Jen's powers, so K.E.V.I.N. must in some way be real.

What if K.E.V.I.N. is actually a manifestation of the actual god of the Multiverse, as perceived through Jen's "Fourth Wall psychosis"? In other words, what if K.E.V.I.N. is actually Loki?

Just an idea my mind is toying with.