More likely to be Lady Loki, I suspect. Though judging by the rest of the trailor... who knows! It looks as if it's going to be a wild ride!
I'm pretty sure the main character, that we're calling Loki is the 'Variant'. The real Loki died by Thanos, then this one picked up the Tesseract, & technically shouldn't exist. He's screwed up the timeline, creating all the branches we see & has to right them.I think you're right about that. All the YouTube channels that over analyze this stuff (bless 'em) have been saying this. Plus there's a line 8n the trailer about a Loki variant.