There are several issues with how things got wrapped up in the end, but things concerning two characters especially.
First of course being Venat. We can see in Elpis how revered she is by the ancients (even Emet-Selch, you can see that if you talk to him between quests though I don't remember which ones). Honestly she's what's the closest to what royalty would be if such a thing existed in ancient times. Sure, that manifests as an ancient telling her to go and die, but dying peacefully is the highest reward according to them and proof of a fulfilled life.
Anyway, added to this we know that people in the area were aware of the WoL's presence who took the identity of "Azem's familiar".
Then when also taking into account that Venat, Azem, Emet-Selch and Hythlodaeus seemed to actually be very close, and that the two latter knew something happened to their memory after Ktisis.
Taking all this into account, how we get to the conclusion that it's better to not try to retell the story as it really happened is hard to take at face value. The whole decision screams lack of faith from Venat in her friends and the ancients in general. Because again, they wouldn't have simply dismissed Venat's words considering the way she was viewed.
Then we have Azem described as one who would meddle in every kind of affairs. How exactly would such a person not get to know what exactly transpired here and inform their friends is a mystery to me. Even more when getting to Pandaemonium.
Azem not knowing doesn't sound possible, they would surely investigate that familiar of theirs and get to understand the situation. Azem not telling their friends (Emet-Selch and Hythlodaeus) doesn't seem likely either, since not telling means setting them for a sour fate. The two friends who'd go out of their ways to shoulder Azem through any kind of antics...surely would believe him.
Yet, we are meant to simply take the story at face value and not think about all these inconsistencies, that take root in what the story itself paved.

Ona final note, if Azem is really "doing whatever the player want", mine would've certainly investigated and told their friends. But then the story would change completely.