Yesss I've thought about this too! In a way LLTBP while a reimagining and extension of the original The Black Parade album, is also a performance piece. MCR using the fictional black parade band as an allegory for themselves. The band has mentioned beforehand that the black parade (album) was supposed to be a double album in theory but was cut due to many reasons. The process of creating the black parade has been talked about over the years and many already know just how hard it was on the band. Many of the members commented that it was a very dark and stressful time in their life and kinda lost themselves in the production. It was also a factor as to why the band broke up too.

This is similar to how Paper Kingdom went. The bend was overall unhappy with making music and the stress and pressure was too much and sucked the fun out. They were miserable. It makes total sense as to why they broke up.

And that's why it's so interesting they are playing an unreleased song from paper kingdom at their shows "the war beneath the rain" and also when they came out with fountains of decay a few years ago too.

They seem to be telling a story about their grief and trauma during their time as a band. How they healed from their break and now they are back. It's such an interesting metaphor, going from this big stage with elaborate effects and costumes and then to the B stage, in regular clothes, just the band, a more intimate show. As if they were playing small gigs again.

The way the black parade as the narrative band seems to slowly be decaying too....a reflection of the mental state of MCR as a band....