I have returned!
Ok, so this didn't turn out quite how I had expected. I now have a better grasp of what was going on, what the different character's motivations were, their relationships to each other, etc. All the endings put together really paint an overall picture that explains all of that very clearly. The thing is the endings don't quite work together in a "this is what happened" kinda way.
Without getting into spoilers, the first NG+ cycle immediately drops a bomb that was deliberately omitted from the initial playthrough. So basically every conversation in the entire game is recontextualized. It feels kind of artificial but it makes the first playthrough pretty mysterious and mindfucky so I don't really have a problem with it, I guess.
But after that, the other endings mostly serve to flesh out everyone's motivations and feelings with ending 4 providing the last pieces that tie everything together. It's hard to talk about this without dropping a huge spoiler so I'll just say that the game never quite explained the parts that I was the most curious about because, ultimately, that wasn't the point of the game. Or maybe there's some stuff I just didn't pick up on... I'll probably watch some youtube videos to see what others have come up with. I'm sure there's a ton left to unpack since the endings have some contradictory elements and even some hints that
But yeah, overall I really enjoyed the game. I'm not enough of a Silent Hill superfan to say whether or not it's a valid entry into the series but I loved both the SH2 Remake and this and I'm looking forward to Townfall, whatever that turn out to be.