I think the nature of conscoiusness is still very much an open question. The 'induced' inner experiences, especially wrt psychedelics, is also open, especially with psychedelics like DMT which can provide new and useful information about objective reality. Because these experiences are induced by computer simulations it is tempting to view it all as subjective. I'm not sure. Of course we can be fooled, I agree, we try to interpret and can be wrong, but that doesn't necessarily make it purely subjective.

For mine I think that concepts, like fear and death, already have an objective basis so the experiment is simply changing the way we think about or access those concepts by changing our relationship to our body, our perspective. All very real and objective. Similarly psychedelics can help us access concepts or percepts that we usually can't but that are also objectively real. I guess that's the model of the mind as receiver that is tuned in to the 'human' channel most of the time but can tune in to 'out of body' channel too. Sorry, crapping on a bit! Not too sure, but a bit different.

Anyway it reminds me of the idea that we are already living in a simulation. The experiment invites that idea and it's a popular conjecture lately:

https://www.google.com.au/amp/s/amp.theguardian.com/technology/2016/oct/11/simulated-world-elon-musk-the-matrix