I'd say this is close. Basically Old Loki killed himself and Kid Loki and Ikol were splits from the root personality. We never even saw Loki (the whole Loki) until that last panel. Kid Loki has been conversing with Ikol and it was Ikol who set up the situation. That old ghosty old Loki was Ikol not being projected onto the bird because Leah had destroyed Kid's ability to pretend that Ikol was the bird (and not himself). I think, yes, the bird was real and physically there, and by killing it, he was accepting that Ikol was a part of himself. Notice that ghost Loki fades as the bird dies. That's because he's Ikol.
Multiple personalities is a good description. We know Ikol wasn't active with Kid Loki until he read that question about his motives. IMO Ikol is an attempt by Loki to separate all the trauma and evil he couldn't accept at the time and try to comprehend it. He set up a good/evil paradigm to do this, which is part of the reason he kept screwing up in his schemes (because he was convinced that he was doing things for good reasons, so things would work out because Ikol over there is the evil one). Kid Loki is the core of Loki's motives and his inner child, but according to what Gillen has said he represents (primarily) Loki's innocence. That means all the cute eyed wonder is gone from him, but he still has his good side, and he now has to acknowledge that good motives alone won't save him.
I've seen some folks try to argue this means we have evil old school Loki back, but I think they're confusing Ikol for Old Loki. There's no way the evil mustache twirling evil old persona is what we got back, because Gillen doesn't want to go there (thank god). If Loki is going to change, he's going to do it because the good that we saw in Kid Loki is *still* there. Sure he's going to have some set backs, but remember, there was enough good in old Loki that he wanted to change. I've also seen some folks disagree and say he'll change because Kid Loki challenged him, but Loki had already decided to do that back when he killed himself. So Kid Loki isn't the starting point for Loki's redemption, he actually started waaaaay back. Sure, it's selfish, but Loki *ought* to be selfish when it comes to wanting something *good* for himself; Mr. Self-loathing has to get past the self-hate if he wants to change.
I do think Ikol saw all the goodies Kid Loki was experiencing and decided to come out and be part of the action. I also think Thor is partly to blame for Kid Loki's existence because I can see Thor raising his ideal version of Loki and not the brother he knew. But Loki is Loki and it was only a matter of time before Ikol reasserted himself to complete Kid Loki's personality. I guess dead gods really do dream....



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