You have seen the Infinity Gauntlet right? It has the Infinity Space Gem in it (the purple one.) It's user wields total control of Space. It could compress the universe back to it's size prior to the "Big Bang."
I too know that the Worlogog is not the Infinity Gauntlet, but they do not appear to be equal in power, either. I think that The Presence controls more than just time and reality. The Worlogog only controls these two aspects.