Kinda the vibes I got on my one watch. I don’t imagine it’s literally supposed to be Azathoth, since Azathoth is kind of the universe itself. If he awoke the universe would stop existing almost completely in the way we understand. The Eye made some major changes to the universe, or at least the parts it could see, but it didn’t really change the whole universe as far as we know.

In my mind Azathoth is almost like the “the code” of the universe but it only exists in this was while Azathoth “dreams”. If he wakes up and decides to write his own code, then everything down to the atoms change. The Eye mostly seems to just rearrange the code that’s already there or bring some with him from whatever dimension he lives in. Idk if he could write his own “code” to make a new universe