I wish the creator of Pearl Boy made a comment about the controversial "vague" ending in the final creator note because the ending really flew over readers heads when it comes to symbolism. (Even I was like okay I'm a bit confused about this seemingly bittersweet looking ending)
I dont think this work was perfect. But it did a good job in having us on the edge of our seats too many times.
They are probably not dead. They got themself out of the water. Theres no way Dooshik the iron bull would not be able to get them out of some icy cold water.
During the very brief moment in the icy cold water, Jooha finally remembers Dooshik. Why? Because the moment in the ice water makes a call back to 1. The first time they are in water (Dooshik falling into the sea, Jooha saving him in S1) and a call back to 2. The hospital scene : when they remember that Dooshik saved him those years ago the speech bubble It's good to see you again. The reason why the final thing that is said in the ending is this, AND the reason it is in quotation marks.
No matter the endless trials, roadblocks, struggles they both go through (especially Jooha). From now on, everything is going to be alright and they will always find each other again, just as they "found each" other again this moment. After falling into the icy water.
Dooshik calling out to Jooha "hyung!", Jooha hearing that before falling into the icy water, Hints that this and them being in a body of water (just like back then with the sea) made Jooha probably regain his memory.
Them locking eyes underwater, the whole monologue of the sea not having paved roads, the waves, it was just so beautifully executed and I think it was actually a beautiful ending for two suffering people who went through a lot. It's only good from now on. That's my analysis of such an open ending. When they get out of the icy water, it's only happiness from now on because they found each other again (Jooha finally remembering Dooshik) and they both can be with each other again. For good this time.
JOOHA LOSING HIS MEMORY:
Why were fans sad that he lost his memory, and in turn could not remember Dooshik? The only sad thing was Jooha confusing Pilwon for Dooshik because his memory went only up to meeting Pilwon on the streets when he helped him pick up the clams that fell). For a character that suffered so much (I find too much, rpe, too much suffering even up to the final episode) but the amnesia was a blessing and it's a testament to their relationship and how they are fated to be with each other. : why? Jooha forgets all those moments of rpe, shitty memories of Pilwon, his mom etcetera. Also, even with amnesia: they fall in love again. Even with Jooha calling him mister now, and Dooshik calling him by his first name. They are fated to be with each other. No matter when comes their way (amnesia for example) and I find that to be a beautiful thing really. They can start new, a clean slate. (Well my theory either way is that Jooha remembers when they get out of the icy pond and he gets therapy and medication but!)