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There's only one ending shown but many viewers have interpreted it in many different ways, hence the term alternate explanation. I'm fully leaning towards the interpretation that the main leads survive and that Chu Yue actually meets their son at the end and that she's not imagining him or hallucinating. What she does actually imagine while hugging NYZ and Ruyi's son is the main leads (who are still alive) and the rest of the Liudao Hall members all alive and galloping away, which is the vision she had wished to see and it reflects how they are all still "alive" and united in her mind even though they have indeed passed away (asides from the main leads).

Some viewers believe the main leads die, but another alternate explanation of the ending is that the main leads survive; this is implied when Chu Yue meets the main lead's son towards the end and she finds out about his parents (NYZ and Ruyi) and how he has a younger sister, but yea the remaining four Liudao Hall members all die.

As highlighted in the title, it's the journey that matters; regardless of whether we choose to interpret it as a happy ending or sad ending, there's no denying that the journey was so beautiful and was worth the ride which is something we can give the scriptwriter, production and acting cast credit for.

The horse riding scene at the end would've looked pretty incomplete in my opinion if they just showed YSS, YL, SL and QZ riding their horses so I think it makes sense that they showed Ruyi and NYZ too (despite them having survived) to complete the picture.

I'm not sure but I'm really hoping there will be so we can clear things up!

Another interpretation of the ending is that Ruyi and NYZ actually survive and Chu Yue isn't just imagining all this but she actually meets the main lead's child at the end; LYN did say in an interview once that it's a happy ending.

Perhaps the kid referred to her as “aunt” as a way of addressing someone her age instead of indicating that they know each other or are related in some way? I know in some languages that’s how people would do it but yea, would’ve been nice to see the main leads living a happy life in the ending scene; still a quality drama overall.

LYN said it was a happy ending though…some may understandably view it as unreasonable but through the ending, the scriptwriter is also inferring that the leads survive and that it’s a happy ending for the main leads at least

Exactly! If Chu Yue were to imagine or have an illusion of something or someone, she would’ve imagined her and YSS hugging or having a conversation at least instead of imagining Ruyi and NYZ’s child, let alone having a whole conversation with their child…