Yes/No/Maybe. Certainly were I EA's PIO, I definitely would not have denied that as a possible interpretation. Especially when two of the three members of the party "die" running into the beam, and Anderson turns up out of nowhere.@Darth Robbhi sure, I agree that Shepard dying is appropriate. My bigger issue is that the ending just seems to fail suspension of disbelief. Despite the creators denying it, "Shepard is indoctrinated and lost in hallucinations" is what it FEELS like.
The bits where you interact with all the NPCs before the run to the beam is odd. As is the whole bit of Normandy surviving with the crew intact despite them all being on Earth during the final run in. Items like that are just jarring.
Though, it does offer some interesting storytelling options. The whole bit with Liara at the end is incredibly intimate and reminiscent of Asari bonding/impregnation rituals. Which, if she's Shepard's love interest is both appropriate and fits the whole "fuck then fight" bits of ME1 and 2. But if she isn't, that's a whole 'nother magazine worth of issues. Doubly so if your Shep is a flamingly gay Shep. Which is it's own interesting storyline.
So yes, lots of plot holes . . .