We could be looking at, "they live as other [Picard Universe] versions of themselves" as our heroes best-case-scenario. I doubt it's gonna end with EVERYONE dying but... who knows.
The way I see it, they know we know that at the end of the day, there are going to be no more stories in this continuity, so they wouldn't raise the possibility that the novelverse might have to die for the AA-verse to live at the end of the first of three books if that was just exactly what was going to happen with no reversals or subversions or surprises. You can't just tell us that the ending is going to be the most obvious thing to get us to parity with the real world that early on if you're actually going to do it. This isn't a normal book, we already know how this all shakes out. It seems to me the only reason to do the ending this way, where it looks like the novel storyline is being obliterated in favor of the new TV shows within the fiction as well as in the real world is to reframe the situation somehow.