I like thinking about Winterkov in like, a sort of character exploration sense. Winter King as framed as a kind of representation of everyone's praise of Ice King, of Simon's feelings of inadequacy, of Simon's desire to be good enough. Winterkov as a sort of metaphor for romanticizing the parts of yourself that look good, but are unhealthy and harmful under the surface. Winter King as a physical what if I was stronger, better? for Simon, and Simon wanting to cling to the Winter King so he can pretend.
Of course, this would all be from Simon's perspective. The Winter King simply sees a hot guy who happens to be an alternate version of himself and goes "Oh this is a win win for me."
Is it healthy? No. Would kicking the Winter King's ass get Simon kickstarted on therapy? Probably. After all, nothing like beating up the physical representation of your toxic idealized self to really get you thinking about self worth. Probably. I don't have an english degree, I'm doing my best.