It’s all real
I know everyone has these theories about Lo being in a coma or dreaming and Merit being dead but I think that’s too easy.
I think it is real, but there may be flashbacks and timelines that are not clear.
I don’t think it’s a fever dream or alcohol withdrawal thing because there are so many scenes where Lois is not present.
My take is that it’s just a weird show and trying to be like True Detective