So I have a theory well sort of
(WARNING: this may contain spoilers so read at your own risk).
I think it's possible that Akechi may be alive in P5R true ending and this is just my personal theory on it
First of all we assume that Akechi is dead based on what happened to him in shido's palace but we never really find out whether he lives or dies but based on what futaba says, we just assumed that.
There's a few reasons why I think he may have survived in Royal
First of Akechi is the type that hates to be in debt to anyone, the last thing joker tells him is to keep his promise that they'll have a match again and we can see Akechi smiling at his words, I think that would give Akechi the motivation to survive
When his signal disappeared, it's possible that he simply left the palace, I don't think his cognitive self had enough power to kill him, he maybe Akechi but he doesn't have Akechi's skills and fighting spirit even when he's already weaken and we know that killing someone's cognitive version has no affect on the actual person itself so Akechi wouldn't be harmed if he killed his cognitive version
In the third semester when we learn that Akechi knows the truth and his situation, a few things bothered me. If maruki wanted to create a perfect world where no one suffers and he supposedly brought back Akechi so he and joker can have a new start then why didn't he erase Akechi's memories or simply change his cognition so that he doesn't remember going against the phantom thieves, why did he deliberately leave Akechi to potentially ruin his plans along with joker who is the only one that didn't fall for his cognitive tricks? I think the answer to that is because unless Okumura, and Wakaba whom he brought back but with revise personalities for futaba and Haru. He didn't bring back because Akechi in reality is still alive and just like joker, he cant manipulate his cognition due to them being the tricksters.
I think that's the main reason why Akechi pushes joker to go against maruki's plans regardless if it would mean he would disappear isnt just because he doesn't want to live like a puppet under someone's made up reality but also because he knows he'll survive
Now this is one of the main reasons why I think he is alive. At the end of the game's true end. If you visit the jazz club, the owner (Muhen) will be standing outside. He will ask Joker if he's seen Akechi lately amd that he's worried about him
He then asks joker if he's friends with Akechi to which joker doesn't have a straight answer to
So Joker contemplates on whether to tell him what happened
But he feels something in his pocket and it's of course akechi's glove
When joker said this, it feels like he is almost sure he hasn't seen the last of Akechi yet
And even agrees to swing by with him the next time he sees him
I know it's possible that he only said that to not worry Muhen but I think Joker really does feel it in him that Akechi isn't gone
Then the biggest hint we get Is during the last cutscene where can see a figure walk by Joker's window follow by two man in Black suits, based on his attire. We can only assume it's Akechi but who is to say that Joker simply didn't imagine it? We can never really know
Overall, my theory is that Akechi survived Shido's palace and after reality reverted back to it's original state, it's possible he decided to leave for a while in order to deal with his own problems, the two men walking with him could possible even be agents task to keep an eye on him and since he doesn't have the app anymore, he has no choice but live a normal life and he wants to do that while walking the path that he chose so that one day he can have the rematch with joker that they promised with full conviction. Akechi has said before that he believes a person doesn't change so easily that includes himself, after hearing what the phantom thieves have to say in Shido's palace and his sacrifice, we know that their words reached his heart in a way, he probably disappeared in order to find himself again and find his purpose that's why I don't think he would simply let himself die like that especially not in the hands of someones cognitive version of him
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