Alright, let’s go for a ride.
From my understanding of magic realism, the genre was developed as a reaction to Latin American governments making official statements for one thing, but doing the opposite. So, in stories, that transformed into a kind of unreliable narrator where everything feels like a dream. A story could go something like: “Your son is alive and well and living in New York. When in fact we saw him being shot by the military in a previous scene. In the following scene, we see the son living in New York like the authorities stated. During the course of the story, the son meets his uncle whom he though was shot by the authorities. No no, says the uncle, I receive an allowance from them every month. Most generous of them. Later, the son finds his mother who is looking for her son and he helps her find him – the connection between mother and son having somehow been severed. etc etc etc…”
Anyways, that’s the kind of weird I interpret as magic realism. It feels a bit like surrealism, but is more grounded and less phantasmagoric.
So in the case of Riggan having super powers (yes he can fly / no it’s all in his head) is both true and false. It’s not a question of interpretation, it’s simply in this story world, something can be both true and false at the same time.
EDIT: Which kind of falls outside the scope of Dramatica if I’m not mistaken.