As I interpret your question, I think you're asking whether the series is depicting the fourth wall breaks simply as a stylized narrative (House of Cards) or if it's actually something that is happening in the context of her world (The Office).
In Sensational She-Hulk #4, Jennifer's awareness of being in a comic book is expanded on as actually serving a function in the Marvel Universe. She meets Golden Age superheroine, the Blonde Phantom, who's also aware that she's a comic book character. Now much older, she wants to work where She-Hulk does just so she can be a supporting character in an active comic book.
Blonde Phantom, or Weezi, can actually use the comic pages to her advantage. She can move between panels, something She-Hulk hadn't yet learned to do. And she even stops Jennifer from jumping out of the page and attacking the writer, John Byrne, by explaining that they've already been colored and sent to print and that she'd just be attacking the reader instead.
Weezi also explains to Jennifer that the reason comic characters never age is because they remain in publication. The strip Weezi and her husband where in ended years ago, and she had become a widower since. This is her motivation for trying to become an active comic character again, even if it's just in a supporting role.
So in the comics, it has actual function in-universe. We've also seen other characters react to her comments towards the audience, usually with confusion. It remains to be seen if they'll create a comparable functionality in the MCU. So far, we have seen Bruce notice one of her fourth wall breaks, and we see her pretending she didn't say anything. That does imply that she's doing this in-universe, and it isn't just stylized commentary solely for the benefit of the audience. We'll just have to wait and see if they create any lore for her fourth wall commentary, like they did in the comics, as the series progresses.