I'm not sure there's there's much of a debate, these seem to be complimentary ideas. The idea that the Dreamlands functions as the Mythos' Dreamtime has surely been suggested before (Terror Autralis for a start), although perhaps not exposed in such a scholarly fashion, or making the link back to the fiction.
However the conclusion of the piece raises some more interesting questions:
"The Cthulhu stories shatter the reader’s illusions by showing that if there is a mythical time, it is not a time to which humankind can be reconciled. Myths and magic exist, but they crush humans instead of welcoming them. The dreamers have all vanished into the world of their desires. The scientists that remain here are incapable of finding the spiritual knowledge they need to see the myths and escape with their sanity." [My emphasis]
I really like the idea that it is a spritual failing that prevents reconciliation between humans and the Mythos. This goes some way to explaining the religious (i.e. cult) nature of much of human interaction with the Mythos and suggests to me several interesting lines of inquiry (i.e. short stories or scenarios).