I view a Feywild that includes a Shallow and a Deep.
The Shallow Feywild sees the Material Plane mostly normally, equivalent to the Shallow Ethereal Plane but a bit more beautiful, luminous, charming, and trippy. The Shallow corresponds to the normal geography of the human world and can see humans plainly going about their business. Within this Fey Shallow the nature beings in the human world, such as rocks, trees, rivers, clouds, sun, etcetera, look moreorless normal but are much more beautiful, haunting, charming, resonant and vivid. The nature beings have a kind of telepathic presence, boadcasting their existence.
Then there is the Deep Feywild that has no corresponding connection to the geography of the Material Plane of humans. Instead, the geography of the Fey Deep is invented by thoughts and emotions. The Deep is a place of quasi-real illusions that manifest mindful imagination as force. Most of the domains of delight are in the Deep Feywild.
There are gradations between the physicality of the Shallow and the imagination of the Deep. As one shifts deeper, the Material Plane appears to increasingly distort. Material places that are closer to the Feywild become more prominent and dramatic. The material places that are farther from the Feywild diminish in appearance and may even vanish. The world becomes more about thoughts and emotions. The distortions increase until disconnecting from the Material Plane entirely.
The Shallow is mainly where the nature beings are. The deep is mainly where the fantasies are.