Or, at least, that is how I read it. And, given that reading, this album cover will not be a snapshot of just the image, but a progression from one state to another. Yes, that means that the characters will level up and change over the course of the album, and it means that judges looking to get the most use from this material will have to use it over the course of campaign years.
In the end, Vauquelin leaves mind freed, no longer enslaved by magic, riding with the winds of change.
Notes: The lower-level character, Queen Isabeau, levels faster than Vauquelin. In DCC, you can have characters with mixed levels interact, and the lower-level characters are likely to eventually catch up with the higher-level characters.
Queen Isabeau's Luck keeps going down because she is avoiding corruption. Even without having written specific patron taint (etc.) for her patron, the fact is that either a wizard's Luck is going to run out sooner or later, or the character is going to take corruption. The speed at which a wizard experiences mind- and body-wrenching change is going to vary, based on the dice and how often you give them a chance to replenish their Luck.
Final note: There is a reason why I picked this tale of tragic loss and malformed relationships:
Happy Valentines Day!