Does Tokyo die? Yes. And in dying, she saves the show from narrative stagnation. Her death is a shocking, beautifully shot, and emotionally resonant conclusion to the character who served as our eyes and ears from the very beginning. It transforms her from a "soldier" into a legend.
: Tokyo, Denver, and Manila are pinned down in the bank's kitchen by a military squad led by Sagasta.
Spiritually, yes. Tokyo appears in flashbacks and as a ghostly guide to the Professor in the final episodes. But physically, she is very much dead. The show runners confirmed that Úrsula Corberó’s time on the show ended with that explosion.
In episode 5 of the final season of Money Heist, the show seemingly kills off Tokyo. During the episode, Gandia (José Manuel Poga) ScreenRant