It can't be intellectualized and that's why there are multiple interpretations of the collapse of the wave function, and even then they are only interpretations without a shred of real proof.

That's what Dean Radin was probing, the Copenhagen Interpretation. Many Worlds would be a tad more difficult to conduct laboratory experiments on. LOL!

As for real, sure it's real from the perspective of body-mind and as such it better be treated as real. It's just not the underlying reality. Kind of like physicists ponder the Unified Field and Theory of Everything but all they can do is come up with untestable hypothesis like String Theory or M Theory.

If either are correct then wave/particle duality is simply a manifestation of super strings, so the strings are real, not the wave/particle, but from our perspective they are sure enough real.

In short I don't know what the answer is and until I do know I just don't.