Looking at the Primal Monitor from the real world, it really (I mean this definitively) is a metaphor for the paper on which the comic book's story is written. According to at least one of the writers, the ink is the substance that all stories are made of. However, in-universe (meaning in-story instead of a fictional physical universe) reality is not actually made of ink. Remember, it's a metaphor. In versus debates, I have seen many people argue its power by saying its bigger than the multiverse or whatever stupid logic they through around. It's beyond that in that it really doesn't have a place in such arguments. It's a metaphor. It's an artistic and a brillaint creation from the mind of Grant Morrison. You really have to have a certain sense to understand it.