I don't think the correct reference is the honorable art of drag but, either reality TV (recall Trump's history on The Apprentice) or "keyfabe" from professional wrestling.
The link that went round about the analogies between QAnon and LARP also seems relevant here. If someone lives in and believes their own hype for long enough, have they created their own little bubble of reality?
It's like watching someone try to perform a coup with a foam sword and a Nerf gun. On the other hand, a lot of bank robberies are done with fake guns; so the question is, how much does the plausibility of realness matter? All a bit Baudrillard for my taste.