The main set up for this comic is pretty alright. If you're reading in chronological order with the origin story comic left for the end, as is customary, then we saw Life/Nate in this "Ruler" position earlier in the Uni-man comic, and all the dialogue is pretty well-expositing everyone's position here. Sherlock is hella lame and edgy though unfortunately with that line about being a "psychologically ill teen who had his parents thrown in the Banished Realm". Hella edgy but I guess that's who Sherlock is. It only would have been acceptable here if there was a wink, where Life/Nate turns to the camera and says "get a load of this guy!! he's so edgy".
To clarify, Masked Demon shatters the time-space continuum in this comic. This event takes place in the Alpha, unified timeline. The only way to repair the time-space continuum is to make Water and Life, the banished and lost Gods, to realize themselves as gods. That will somehow fix up the timeline. The only problem is that the timeline is now FRIGGED UP so now each version of Masked Demon from every timeline has to put in this massive manipulation effort to slowly work events in the background to get Life/Nate to realize himself as a god. There are probably more easy ways he could do this but not more entertaining ways.