Its the last season and people think Karen might die (after learning the truth) while protecting Holly.

For 3 reasons 1st one is she might be Alice Creel 2nd one is Holly like she's trying to find/help her some how in the upside down 3rd one is the visions Nancy had

Personally I don't think she's gonna die but that's just what I've heard

I don’t understand the Karen as Alice Creel theory, didn’t Vecna kill Alice?

Yes but the reason why people think that is because of this

Ohh right. Thank youu!