Yeah, I think you pretty much hit the nail on the head on where things are going. I do find it interesting that some of Al's rogues gallery from the original 100 issues like Freak, Cygor, Heap, and Overtkill are being taken out here during this event. Hopefully, that makes way for new villains/characters to come and/or give time to characters that need the spotlight and haven't gotten too much of it yet.
I had a write-up planned for the second year of King Spawn, but then I realized that my interest in the book is at a low and I asked myself what purpose this book now serves. The first year was solid, but then it had a pretty muddy first half of the second year that I just attributed to a bunch of table setting for what is to come and then we are hit by a six-month filler arc about brains that felt completely out of place in the book with the story it was telling up to that point. Sure Cyan came back, but we got no idea where she has been since departing from the main book at the end of the Dark Horror arc. It makes me wonder if something behind the scenes happened with King Spawn. Now starting its third year, it is a messy story as it tries to fit in some way into this Throne of Hell event that was supposed to involve the main book, King Spawn, and Gunslinger Spawn going by solicitations, and Gunslinger is so far removed from everything while King Spawn provides just confusing information or nothing really important to the event.
If we were to timeline the events it go as follows:
1) After Spawn and Haunt return to Earth from Heaven, as the Dead Zones are now blown wide open thanks to Heaven tricking both characters, Spawn meets up with Nyx. Clown intrudes and offers the three of them to work together to stop Sinn and put Clown on the Throne of Hell while revealing Nyx is working for Greenworld. Al decides to not work with any of them. (Spawn 343)
2) Clown tries again to ask for Al to work with him and Al says no after a fight between the two. (King Spawn 25)
3) Al gathers the troops and goes into Hell. (Spawn 344) Seemingly at the same time, or not which is worse, he goes into Hell by himself with help from the Visage. (King Spawn 26...this is really confusing)
4) Al and everyone make their way through Hell now with Raven Spawn as part of the team. Bear in mind, Raven Spawn was against Al in the King Spawn book. With Al revealing his true intentions to everyone, Jessica decides to go back for Gunslinger and Medieval who were captured and everyone else goes with her. (Spawn 345 - 347)
5) Al makes his way deeper into Hell alone and is said to meet up with Wanda in the next issue of King Spawn. Bear in mind that the main book mentioned that Wanda's soul escaped Heaven when the Dead Zones were blown open which contradicts her soul being in Hell already as the first half of the second year of King Spawn noted. (King Spawn 27 - 29)
6) This now brings us to the latest issue of the main book 348.
Yeah, the story and release of it is so confusing that it just feels like the main book should have just been the only book telling the story with the way it has been told so far and has honestly made King Spawn perfunctory as the main book already has Al & Wanda together before they meet up in an issue of King Spawn that hasn't released yet. This was not planned out well at all.