All phenomenal “existence” is hypothetical. All the characteristics of sentient beings—form, perceiving, conceiving, willing, knowing (the skandha or aggregates)—are figments of mind which itself, i.e. as such, also is hypothetical only.
All that is cognisable is part of the phantasy of living, all that we can think of as ourselves is an integral part of this hypothetical universe; sentient beings are totally therein and in no way or degree apart from it.
It is as the subjective aspect of consciousness (not as the objectivised aspect) which is all that they can be said to BE, that sentient beings dream the universe by objectivising it.
The idea of a separate individual, an ego, self, or I-concept, is an object.
“I” am not conscious of anything: never. “Consciousness” as such is all that I am.
There is no cogniser apart from the “thing” cognised; there is no “thing” cognised apart from the cogniser of it. But the “cogniser” is only an act of cognition (a cognising), of which the “thing” cognised is the counterpart.
The observer cannot observe the observer.
I don’t believe that there is anyone to wake up! Sentient beings are not there at all as such—as the Buddha pointed out in the Diamond Sutra—so how can they wake up? And what is there to wake up? They are concepts or thought-forms, objects—and objects cannot either go to sleep or awaken! What nonsense all that doctrine must be!
The subjective element of mind is awake, and always has been, untouched by any concept such as that of time.