From a philosophical point of view, an event happens at the point when observed by an observer.
For us, Humans on earth, this supernova happens now and not 120 million years ago.
If a tree falls in a forest and we stumbled upon it today, I don’t think philosophy says that the tree fell today. I think it says we found a fallen tree today.
The supernova didn’t happen today, we found evidence of it today.
So what we see is arguably happening in real time, regardless of distance.
I also argue that it is not well-defined, as the time span depends on the observer, as you say. Did it happen 120MY ago or 1MY ago? Both can be true for different observers, and none is privileged over the other.
Great way to put it.
I'm a professional philosopher, and I and 100% of my colleagues agree with you.