(The ring is a desire singularity with 1000 gravities.)
That's a big deal. I mean, the story is basically everything to us. Our whole reality.
That the story is just a squishy thing that gets smashed around by desire is a very big important point. A shocking revelation.
In the context of LOTR, all the narrators are now untrustworthy.
Maybe things weren't so black and white.
I think that's the point that's getting underlined and belabored here.
Beware desire and its effects upon reality.
Also, LOTR is a history. History isn't what happened. It's a story about what happened. And it's a story written by the winners.
I think JRR Tolkien saw a lot of this in the war.