Today I was watching Frozen Two, until at the end of the movie I saw some very revealing details. Well, there are many clues that make it clear that Elsa actually died at the end of the movie. And I'll explain why.
In one scene, Elsa sacrificed herself to get the truth, becoming the fifth spirit, and that's when she dies, just like what she created as Olaf, saying that the last permanent thing in life is love. Anna in one scene says that Elsa gave her life for the truth, but Elsa reappears as a spirit, because water has memory, and she can control the memory of water. When she returns to the others, Anna asks if it's really her, and she didn't answer.
That's why she cries so much when she hugs her, and that's why Elsa couldn't reign in Arendelle anymore. And last but not least, the white horse symbolizes death and Elsa rides one at the end.
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