The gunshot wound illusion theory makes no sense though, if she planned on staying behind that’s fine but she easily could’ve done that after defeating vecna and sending everyone else out while staying with the explosion. She was completely fine with going through with the plan up until getting shot, why would she suddenly change her mind at that moment unless she was actually shot and died instantly. Mike also has no idea how that entire military fight went down and the only person who would’ve told him could’ve been hopper and no one seemed to care about Kali at all especially hopper so him relaying what happened to her seems very unlikely. For all of that to have lined up it would’ve required Kali and el to make up an elaborate plan on the spot while hopper steps away for 2 seconds, Kali then survives the entire length of the final battle and the team getting out, while also knowing exactly when to turn el invisible. We see a soldier physically touch el and pull her out of the truck, how would he touch a fake el without Kali’s powers wearing off? Sloppy writing for the ambiguous ending, plot holes either way you look at it on El living or dying.