VR Pico 4: Real 3D or flat trhough a virtual desktop?

I having the 1st Oculus and it's an impressive 3D vision. Now I'm thinking to upgrade, maybe Quest 2, maybe Pico 4, maybe Reverb G2.
I read that AC runs though the virtual desktop with Pico 4. Does this mean it's not a real 3D vision but a flat image in VR?

Thanks
 
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