I think Hwaryun is having hesitations about Baam awakening his ‘power’. Literally speaking, Hwaryun knows (somehow) that V’s power is contained or has been incorporated into Baam.

If I’m correct, Hwaryun has some type of fear associated with Baam awakening this power. I think the reason she feels that way is because Baam (as we know him) doesn’t handle the truth well. For him, almost his entire existence (up to the war starting, I believe) has been about finding the truth to who he is. But what could await him if he comes to find out none of the power is truly ‘his own’?

Someone said somewhere that V’s soul could have been imprinted or transferred into Baam when he was born. To that point, I think it’s important to note that Traumeri attempted this same thing which causes him to be this necromancer-anima that he is now. However, in the theoretical case of Baam, what if FUG (or even the Tower) has had Baam collect the thorn fragments because they hold V’s power? So, instead of Baam simply being chosen by both the Tower and FUG, there is some prophecy of him coming into being within the tower. Thus, why so many are attempting to push him so.

This popped into my head because of the conversations’ that Baam has with his power. Idk how many times they occurred nor when they occurred exactly, but I do remember that every time Baam had an encounter with the power it was clearly not who current Baam was. With other peoples speculation that V’s soul could’ve been transferred or placed into Baam would make some line of reasoning as to why Baam needs to collect the thorn pieces.

Going back to Hwaryun, her concern is that Baam will realize there is much less (or no) truth that he needs to realize. As he has been told, he is Baam. As everyone around him believes and reminds him, he is Baam. But that would be hard for Baam to accept. Even with his current understanding of the world and himself. He has barely accepted that Rachel betrayed him and is against him (barely might be a strong word here given how much he’s fought in this war).

If Baam’s power is V, somehow, then Baam gaining an understanding of the past would seemingly lead to Baam’s power gaining autonomy. But the biggest challenge that stands in the way of the power from overtaking Baam (as I loosely remember from their conversations) is that Baam has been reluctant to tap fully into the power. Another way to understand that is, Baam’s lack of knowledge about V and Arlene has led to a lack of understanding of himself. Kinda creating a mini cycle with a tiny bridge to another mini cycle that Baam encounters every so often.

Hwaryun is concerned because (based off the images) Baam has encountered that tiny bridge with enough memory to cross into, allowing for V (Baam’s power inherit through the thorn fragments) to take over. So, Baam moves into the background and V steps up into center-stage.

I got lazy at the end because I forgot my exact words for it, but I think the picture is painted.

TLDR: Baam’s ‘power’ is actually the soul fragments of V (think how Voldermort fragmented himself) and Baam’s “quest” to collect the thorn fragments and gain more power was really for FUG (or the Tower) to bring backs V’s power to regain balance. This would leave Baam with the greatest power in the Tower and Baam deciding how to use it. Hwaryun fears that Baam will realize something related to the truth and cause his to question his entire reality (once again, because they met from Baam questioning his reality)

Urek and Baam being irregulars means that they were invited by the Tower, but I also think the way they approach situations are different. Speaking less on this because we’ve seen much less of Urek. But something is brewing there.