OH!
They're going for that route...
This plot device was also used in another manga where the MC(villainess) has to over come the main female protagonist, who actually reincarnated dozens of times in the same scenario so she is actually aware that it was all a 'fictional' setting for her. It turns out that the MFP has gotten so good that its almost like a speed-run
But yeah, its the double re-incarnation suprise fake-out that is becoming a more popular plot-twist, but narrows down the plot (less future possibilities and more predictable) in exchange for a surge of momentary suspense/mystery.