Don't mean to pull back any curtains but that's in-character fiction; it's just part of the vaporwave experience. Unfortunately a lot of websites have repeated it as fact, which speaks pretty poorly to the state of how highly we regard accuracy in game history. Again totally nothing personal to you, more to the blogs and Kotakus that spread this stuff without doing research. In fact I think it almost does the original artist a disservice to do so; mystery and discovery being key to vaporwave is one thing, but it's always kinda bothered me how eager game sites are to take honest artistic fiction like this and skew it for the purposes of a few extra sensationalist views.
Sorry if that sounded rant-y. All that aside, the music itself is fun and totally captures the sound of the era. So far as the MIDI/clean synth-y side of vaporwave goes it's pretty good, but the composition doesn't quite trick my mind into thinking it's coming from a Dreamcast, but it comes pretty close. Level 3's got a fun little tune tho! If you're into this type of Dreamcast-type music try checking out the Sonic Dreams Collection soundtrack (
https://arcanekids.bandcamp.com/releases) too :)