That's one way to interpret this ending, but my thoughts on that is Panam didn't die trying to reach V, and Mitch doesn't seem like a guy who would lie and hide to spare V's feelings. Aldecaldos in general are very open with their feelings and honest as a group. And even if Panam did die to save male V as a love interest, would she go that far for female V as a friend? Even if they can become close friends, V isn't even an Aldecaldo member and not that close to Panam in Tower, or any endings other than Star.Watch the ending again carefully and how Mitch speaks, all of the information about Panam comes from Mitch. Panam died too and Mitch is trying to spare V's feelings.
Like many others would criticize, this ending is simply poorly written when it comes to how to handle important side characters, imo. I'm fine with how V's fate is miserable now and these side characters being distant or angry towards V because it makes sense. But not with whole lack of communications and especially dialogues of Judy, Panam, River. They really feel out of character in this ending.


