Yeah, I have a different theory.
Two serpents, one living and one dead, creating an infinity symbol of an ouroboros around a central pillar of Death and Life. the coils of living snake go through Order and Disorder because they are a duality. The coils of the dead snake go through Light and Shadow, the dead snake is devouring the tail of the living snake in the sphere of Death, the living snake is devouring the tail of the dead snake in the sphere of Life.
This is the Balance.
The Central pillar and the two snakes are symbolical of the Caduceus. Long before this symbol was used for medicine it was known by Greeks as the Staff of Hermes, but long before that it was an Egyptian symbol. See reference Baphomet (a caricature by Levi) This depiction of the Sabbatical Goat from Levi has long been misunderstood and associated with Satan, but it’s actually just a clever image to hide sacred teachings that were 'hidden" in iconography. The myth was Hermes once threw his staff in between two fighting snakes and that separated them.
The Dead snake is the 'unholy syzygy of Light and Shadow." this is feminine in nature and it goes through the elements of water and air, the water representing the primal depths of the subconscious and air representing the Holy Spirit. the dead snake is ascending like the Kundalini.
The Living snake is descending, male in nature, he slithers through Order and Disorder, the elements of Earth and Fire. Both snakes are dualistic in nature, having both a negative and a positive sphere in Balance to one another. In Jungian psychology he called these two male and female dualities the “anima and animus.”
These two serpents respectively could also be given Solar alignments as per Alchemy. The living snake, Nehebkau is associated with the Sun and Wadjet, the dead snake, is associated with the Moon.
see image of Alchemical marriage (more symbolical iconography) https://www.ka-gold-jewelry.com/images/articles-images/sun-and-moon.jpg
“The crooked serpent with no eyes, the veil between dream and dreamer fades away like skin from bone. Even the darkness howls for the light it once despised.” is a clever way to set up Shadowlands cosmology chart. This pamphlet was released in Legion which was an expansion focused on the other half of this duality the struggle between Order and Disorder. but through Shadowlands and again in Dragonflight it’s shifting again.
“The black goat with seven eyes that watches from the outside.” is a reference to both Levi’s Baphomet iconography (https://media.istockphoto.com/illustrations/19th-century-illustration-of-baphomet-illustration-id1177932617
) and Lovecraft’s Shub-Niggurath, The black goat of the woods with a thousand young. The Two snakes are a duality between Azathoth, the dreamer who dreams up reality, and Azoth, the God of Chaos. Shub-Niggurath is possibly Elune as she shares mythology with creation goddesses like Astarte, Cybele, and could also be the Earthmother as she is also called “The Great Mother.” She is the Crooked Serpent with no eyes.
I don’t know if G’hanir is a petrified Old God, or a piece of Ill’gynoth, but I really like that theory and find it very plausible and it would be interesting if it was true. It’s time to stop seeing cosmic forces as disconnected entities. They are overlapping.