>>1172It's possible, yes. I've also heard (unconfirmed) rumours that the game was made based on someone Kikiyama knew
More than anything though, I'd like to give you a different point of view on the ending. You can reasonably argue that the "real world" was still part of her dream, due to various details that can be seen throughout the ending
The small flight of stairs which she jumps off of appears out of nowhere. Also, after she jumps, we can see blood and two dream jellyfish creatures, which is a good indication that we're still seeing the dream world. At the same time, there's no body, a fact that can tell us she, as many people that "fall" in their dreams, woke up (thus leaving the dream world)
We might not be able to ascertain any theory as the truth, but this is a very plausible way to look at the ending's events