Per current continuity/canon, LT merely represents one of Eternity's inner functions:
https://i.imgur.com/RVLPtYZ.jpg
Additionally, Ewing also went out of his way to show us that if ETERNITY is out of whack, ALL cosmic beings(including LT) become out of whack as a direct corollary -- that's how Order & Chaos were able to kill LT outright, for example. IOW, ALL cosmic beings...including LT...are completely dependent on Eternity's 'stability' in order to function properly.
So yes, the implication is that 'true' Eternity is above LT on the cosmic totem pole.
