There aren't two characters, but is the character himself, and then how he wants people to see him. You mention his introduction track, but even in there he talks about his love for his family. And Three Days is clearly him putting fear into the proles but that doesn't mean he is big bad evil villain.
This is the only interpretation that makes sense to me. He puts on pomp and circumstance for the public and it's ridiculous because that kind of stuff always is.
He's a Disney villain. It all makes perfect sense to me...but then again... I'm weird.
Two problems with this:
- In Disney movies, the villains' lighter moments accentuated their darker moments. Like, before Scar (SPOILER ALERT!!!!!) kills Mufasa, the lighter moments show his sophistication, cunning, and ability to rally Hyenas to his cause. You always take him seriously. Or, in The Beauty and the Beast, when Gaston acts like an asshole and a joke, it makes you root against him more. With Nafaryus, the sillier stuff (including his name) doesn't make him darker.
- Disney movies tend to have an overall comedic tone until they get serious at the end. Except for Nafaryus, everything in the Astonishing is played straight, which makes it odd that this one element stands out as silly.