The latter IS the whole of reality and each universes are emergent phenomena in the context of this whole reality
1-2g2s6a The multiverse is the objective reality. Each universe is an emergent phenomenon in the context of this reality.
1-2g2s7 There is no universe number 1 or number 2 because that would make them non-fungible (as well as implying some transcendental perspective). There is no point asking which event we will experience.