Background Pony #4D5A
Personally I think that's worse. Instead of being Twilight and her friends did led to a time of peace it just didn't last forever it's none of it was real at all
On the one hoof, if it did happen then the show would be about coping with the failure of previous generations and persevering in the face of adversity.
On the other, if it was just a show then the show would be about recognizing the complexities of society and incorporating the message of the show into everyday life. And as a bonus, it opens up the series to more world building.
It's also possible for both to be true. "Based on a True Story" would be the show within a show. It's probably the first one, though.
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