Yeah I don’t think it matters if it is. To me anyway I would take the latter approach. Watchmen and Before Watchmen were attempting to be pretty serious explorations, this is a big wacky superhero crossover. From the tiny bit we’ve seen it already makes no sense that Comedian’s button has mystical powers that can send people through dimensions. The same that Dr Manhattan who’s main journey is he loses interest in earthly matters is now spending his time manipulating the Nu52 design of Robin’s costume.
So you have to take it as a big rather silly romp. I think if there’s anyone out there actually expecting a Watchmen 2 they’ll be the ones most disappointed.